Here are some of the features of our Personal Pension plan.
- Payments start from £200 a month
- There’s a choice of over 250 funds for clients to invest in, details of these can be found in the Pension Fund Guide (pdf)
- Our range of income options (pdf) means clients have the flexibility to choose either full or semi-retirement
- Clients have the freedom to switch into one of our other pension products – under Aviva’s one set of rules (pdf)
- For further information please view the Personal Pension Key Features Document (pdf) document.
Here are some of the facts you need to know about our Personal Pension plan.
| Criteria | Min/max | Details | Notes |
|---|---|---|---|
| Age Limits | Min age | 0 |
Can be taken out from birth. Benefits must be taken by age 75 from an Aviva Personal Pension. |
| Max age | 74 | ||
| Term | Min term | Regular payments – 5yrs Single payments or transfers – 1yr |
Limited commission options will be available |
| Payment Limits | Min regular payment to start plan |
£200 a month |
These amounts are inclusive of tax relief. |
| Min single payment to start plan | £10,000 or £1,000 if the regular payment is £200 a month or £2,400 a year or more. | ||
| Min increase in regular payments |
£20 a month/£240 a year |
Clients can increase their payments at any time. | |
| Min additional single payments | £1,000 | ||
| Min automatic annual increase | 3% | Automatic Increases will be at the Average Weekly Earnings Index Index subject to a minimum of 3% and a maximum of 15% | |
| Max automatic annual increase | 15% |
View the commission and charges for our Personal pension plan (pdf).
Charges
|
|
Type of charge | Detail | Notes |
|---|---|---|---|
| Charges | Base Annual Fund Charge (BAFC) |
0.7% min (Nil Commission)
1.15% max |
This is taken on a monthly basis, the percentages shown are the annual totals. |
| Large Fund Discount (LFD) |
0.3% max |
The amount rebated depends on the fund’s value. | |
| Additional Yearly Charge (AYC) |
% |
Some funds have an AYC - the amount can vary by fund. | |
| Fund Manager Expense Charge (FMEC) |
% |
Some funds have an FMEC - and the amount can vary by fund |
Remuneration
Charge for Advice
| Commission option |
Advice Charge Payments | Funded Commission | Fund Value Advice Charge Payments |
|---|---|---|---|
|
Available on which payment types?
|
Regular, Single, Transfer. (LAUTRO) |
Regular |
Regular, Single, Transfer, NICO. |
|
Available Through Which Products?
|
Personal Pension and Income Drawdown | Personal Pension | Personal Pension and Income Drawdown |
|
Maximum amount available?
|
5% of each regular payment. 7% of each single/transfer payment. | 50% of the first year’s regular payments | 2.00% of the fund value pa |
| Terms that apply |
Commission is paid to the adviser when the charge is taken from the customer’s policy.For regular payments, the advice charge payments can be made for the duration of the policy, or for a specified time period. The payment start date can also be deferred when the policy is set up. | Commission is paid as an up front amount.The amount paid is recovered through a charge, taken monthly, from the customer’s policy over a period agreed with your customer of up to 36 months. | Payments can be made monthly, quarterly, half yearly or yearly but the same frequency must be used for all payments on a policy. Payments can be made for the duration of the policy, or for a specified time period.The start date of these payments can also be deferred when the policy is set up.If it is not chosen when the payment is made, it cannot be added to that payment at a later date. |
| Customer charge | The value of the charge taken is the same as the value of the commission paid (i.e. on a 1:1 basis). | The monthly charge for funded commission is the amount of funded commission taken divided by the number of months the charge is to be taken over. No interest is payable on outstanding commission. |
Fund value advice charge payments let customers pay a fixed percentage of their fund value for advice. |
Standard Commisson
| Payment Type |
Commission Type | Description | Charge |
|---|---|---|---|
| Regular | Initial (LAUTRO) |
Nine steps ranging from 2.88% + uplift up to 24% + uplift |
From 0.75% up to 1.15% depending on commission option selected |
| Regular | Nil | Nil Commission | 0.7% BAFC |
| Regular | Initial + % FBC |
Nine steps ranging from 2.88% + uplift + % FBC up to 24% + uplift + % FBC |
From 0.75% + % FBC up to 1.15% + % FBC depending on commission option selected |
| Regular |
FBC | 20 steps ranging from 0.1% up to 2.00% | From 0.8% up to 2.7% depending on amount of FBC selected |
| Regular | Level | Nine steps ranging from 0.24% up to 2% |
From 0.75% up to 1.15% depending on commission option selected |
| Single | Percentage Payment |
Nine steps ranging from 0.48% + uplift up to 4% + uplift | From 0.75% up to 1.15% depending on commission option selected |
| Single | Nil | Nil Commission | 0.7% BAFC |
| Single | Percentage Payment + %FBC | Nine steps ranging from 0.48% + uplift + % FBC up to 4% + uplift + % FBC |
From 0.75% + % FBC up to 1.15% + % FBC depending on commission option selected |
| Single | FBC | 20 steps ranging from 0.1% up to 2.00% | From 0.8% up to 2.7% depending on amount of FBC selected |
Here is some information to help you to decide if our Personal Pension plan is right for your client.
| Designed for clients who | Not designed for clients who |
|---|---|
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| Key considerations | Possible alternatives |
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Here are some examples of the support we offer you and your clients on our Personal Pension plan.
Secure services
You can get a quote and apply online for Personal Pension, track submitted business and make plan enquiries through our Secure Services.
Salary Exchange Calculators
Our Salary Exchange Calculators offers a way to set up pension contributions that can allow both employers and their employees to make a saving.
Contact us
We have a wide range of support staff available to help you, view our contact details to find the right number that meets your needs.
WA04052 07/2011
