Pension Portfolio is a self-invested personal pension, offering access to thousands of funds, equities, investment trusts, exchange-traded funds, fixed income securities and commercial property. It offers both phased and single drawdown options for your clients.
Your clients only pay for the options they use
To meet your clients' varied needs
Your clients can consolidate all their pension funds into one
Why Pension Portfolio?
- A transparently priced pension plan with clients only paying for the options they use
- It’s flexible so it can meet a client’s level of investment sophistication and attitude to risk
- Flexi-access drawdown available on a phased or single drawdown basis
- Clients can consolidate all their pension funds into one
- Clients can move between options at any time as their investment and financial needs change
- Minimise the time your client’s money is uninvested with in-specie asset transfer
- Manage clients’ investments with online fund and investment research and client reporting tools
- Submit applications online and access online valuations, customer correspondence and quarterly statements
- Tiered charging structure in place so, depending on the amount invested across the ISA, Investment and Pension Portfolios, clients may receive a discount on their Pension Portfolio charges
- Clear statements and valuations
Core and Choice options
Pension Portfolio offers two investment options - Core and Choice - each with its own investment choices and charges.
Your clients can move between the options as their investment needs change. They'll only use and pay for the level of investment sophistication they need.
· Over 100 insured pension funds
· Over 100 insured pension funds
· Thousands of collective investment funds
· Exchange traded funds
· Investment trusts
· Fixed income securities
· Structured products
· Commercial property
The value of investments can go down as well as up and investors may not get back what they put in. Tax rules may change in the future and will depend on clients' individual circumstances.
Facts and figures
Standard charges for new customers
|Aviva charge by portfolio value|| |
Up to and including £30,000
£30,000.01 to £250,000
£250,000.01 to £400,000
£400,000.01 and above
Equity trading costs
Winterflood Business Services is our nominated stockbroker to carry out equity dealing on behalf of your clients.
Per individual trade
Per trade within a model portfolio
UK exchange-traded investments
electronic transfers out (only)
UK exchange-traded investments
transfers in or out using a paper
certificate (not electronically)
Curtis Banks, our nominated holder of commercial property, administers the investments in commercial property.
|Initial set-up fee||N/A||£375|
Annual administration charge
0.12% of net value, taken monthly. Curtis Banks will make additional charges relating to buying, selling and owning commercial property. Details of these charges are available in the document library under the 'Commercial property' section.
OCF/TER fund manager charge
Fund managers take charges that will depend on the investments chosen. These charges may be shown as the ongoing charge figure (OCF), total expense ratio (TER) or for insured funds, simply the annual fund charge. These cover the charge made by the fund manager for managing the investment as well as expenses incurred by the fund. Please note these charges are variable and may change over time.
(only Aviva insured funds available)
|Pension Portfolio limits||Minimum||Maximum|
|Initial contribution or transfer||£5,000 (including tax relief) |
£1,000 if making regular payments
|Subject to HMRC limits|
|Regular contributions||£100 a month (including tax relief)||Subject to HMRC limits|
|Additional lump sum||£1,000||-|
|Fund switch amount||-||-|
|Balance for each fund||£50||-|
Income drawdown at a glance
Pension Portfolio lets your client draw a regular income whilst their pension fund remains invested.
From age 55, your client can take any amount from their pension fund when they like. Pension Portfolio offers flexi-access drawdown on a phased or single drawdown basis.
For a tax-free cash lump sum with the remaining 75% invested to draw as an income.
Your client could also benefit from our phased drawdown option:
Self-Select phased income drawdown
For clients who:
- Want to take their retirement income in the most tax-efficient way possible, using a mix of tax-free cash and taxable income.
- Have specific income needs, which optimise tax bands and allowances
- Need taxable income that doesn’t exceed a specified crystallisation amount.
|Minimum client age||55|
|One-off withdrawals||Yes, through the one-off withdrawal route|
|Payment frequency for regular withdrawals||Monthly, quarterly, half-yearly or yearly|
Existing capped drawdown clients
Capped drawdown is no longer available for new clients. But if they were in capped drawdown before 6 April 2015 they can transfer their existing capped drawdown arrangements into an equivalent new arrangement (or convert it to flexi-access drawdown) on the Pension Portfolio and stay in it as long as they don't exceed GAD limits. If clients go over these limits they'll automatically move into flexi-access drawdown which will trigger the money purchase annual allowance. Self-Select phased drawdown is not available to capped drawdown clients.
Our Core and Choice options are designed to give you and your clients the flexibility to adapt their Pension Portfolio as your client's circumstances change.
The Core option offers access to over 100 insured funds managed by Aviva Investors and other fund managers. It has a fund range similar to that of an individual personal pension and could be right for:
- clients with straightforward investment needs
- clients who only require access to insured pension funds
- clients who want a simple lower-cost pension
- clients who are unlikely to have a wide range of investments.
The Choice option is for clients who may require a wider investment strategy. It offers access to investment options such as equities, exchange traded funds, structured products and commercial property. It could be right for:
- a range of clients, from those with some experience of different investment types, through to people with more complex investment needs
- clients who want access to a wide range of investment options to meet their financial objectives
- clients who take an active interest in their financial affairs
- clients who are cost-conscious, but understand they may have to pay extra charges for certain asset types that are more expensive to administer.
Clients transferring in
Clients transferring from other pension schemes may be giving up valuable rights, like safeguarded benefits. They should understand what they may be giving up and be comfortable that the benefits of the transfer outweigh the loss of these benefits. There is no guarantee that what they receive at retirement will be greater than they could have received from the previous scheme.
Clients transferring from older, defined benefit company pension schemes may lose valuable rights or benefits, like a guaranteed, final salary-based income. Also, they may not necessarily get greater benefits in the new scheme as the growth is defined by future investment returns and these (and the retirement income from them) can go down as well as up.
Your client should consider all options prior to transferring to see which is best for them. They should also consider the charges, fund ranges and any valuable benefits that they could lose, together with any tax implications. The value of your client’s pension can go down as well as up and they may get back less than has been paid in. This may not be the case in your client’s previous pension scheme. It’s important your client receives ongoing financial advice following the transfer.
Adviser Charge options
We offer a range of adviser charge options which allow your client to pay for advice from within their investment.
There are two types of advice charge for Pension Portfolio:
- Initial advice charge
- Ongoing advice charge
Initial advice charge – regular payments
Initial advice charge – single or transfer payments
Ongoing advice charge – regular, single or transfer payments
Spread – specify either a number of months or an end date
Spread – specify either a number of months or an end date
Monthly, quarterly, half yearly or annually
£ or % of payment
£ or % of fund value
· You can't set the payment start date for the initial advice charge for a future date
· We treat employer and employee regular payments as the same payment
· There is no minimum or maximum initial advice charge, but you can't input an amount greater than the amount of the regular payment
· This spread initial advice charge option is only available as a monetary amount and not as a percentage - and only where your client is making regular payments.
· We will take the initial advice charge before we invest your client's money in the Pension Portfolio
· Each single or transfer payment operates in its own right. This means it is possible to receive advice payments on a number of different transfers
· The payment type for percentage or sterling amount can vary by each single or transfer charge
· The initial advice charge is payable immediately. You can't delay payment to a future date.
· There is no minimum or maximum initial advice charge, but you can't enter an amount greater than the single or transfer payment.
· Unlike the initial advice charge, you can start the ongoing advice charge at a future date if you prefer
· Charge type can differ by portfolio. For example, you can take a sterling charge on your client’s pre-retirement portfolio and a percentage charge on their post-retirement portfolio
· The ongoing advice charge payment can't be greater than the portfolio value
· You can increase, decrease, stop or start the ongoing advice charge at any time, but we’d need confirmation from your client
· The ongoing advice charge payment is limited to the term of the portfolio
Pension death benefits
Passing on pension death benefits
On death, your clients may be able to pass their funds on to named beneficiaries to provide an income or lump sum, who in turn can pass them to their named beneficiaries and so on.
If your client dies before age 75, we'll normally pay any benefits tax free.
- If your client dies holding accumulation funds then the payment will be assessed against their lifetime allowance. This process is part of dealing with their estate and is carried out by your client's legal representative. Their beneficiaries will need to pay tax on any amount over the lifetime allowance or where it’s not paid within two years of Aviva being told of their death.
- If your client dies holding de-accumulation funds then the payment will be tax free if paid as an income, and tax free if paid as a lump sum as long as that lump sum is paid within two years of Aviva being told of their death
If your client dies aged 75 or over, their beneficiaries will pay tax at their marginal rate(s) of income tax on any benefits that they receive. If the plan is written under trust, or we make a lump sum payment to a trust that the client has nominated, it will be taxed at 45%.
You can also use Pension Portfolio to administer any funds your client may inherit themselves.
Tax rules may change. Any tax benefits depend on an individual's circumstances.
Get more from the Aviva Platform
We’ve designed the Aviva Platform to be easy and straightforward to use. And we’ve got a range of support in place to help you get the most out of it:
- Regionally based wealth development managers providing face to face and telephone support to help you use the platform for your day-to-day business. Our team consists of experienced, industry qualified consultants who have attained the high standard set by Aviva for account management (0800 092 9365, Mon-Fri 8:30-17:30)
- You can call dedicated platform service and support teams on 0800 056 4607 - lines are open Monday to Friday, 8.30am to 5.30pm
- Download our guide to everything you need to know about due diligence and the platform
- Step-by-step 'how to' guides to help you use and work with the platform
- Online product literature and sales support from our product literature library
- Demos to help you navigate, manage and transact business on our platform.
Adopting the Aviva Platform for your business
Our platform adoption and development team can help set up the Aviva Platform for you and turn it into an essential part of your business. We offer:
- a demonstration of how to use the platform functionality
- user guides so you can go at your own pace
- access to reference material
- an online document library with information about all our products
- an investment centre with information on all our funds, including fund group profiles, performance data, portfolio functionality and income analysis.
Get a free demonstration
Contact us to arrange an appointment with one of our consultants:
Got a technical pension query?
Call our Pensions Technical helpdesk on: 0800 051 5437 for generic legislative queries.
On the platform you’ll find a range of portfolios to cater for different tax and income requirements. So, whether your clients’ financial needs become simpler or more complicated over time, the Aviva Platform lets you adapt their investments to help fit their needs.
ISA Portfolio, available on the Aviva Platform, is a flexible ISA and lets your clients invest tax-efficiently in a wide range of collective investments and equities from all key investment sectors. In fact there are thousands of funds to choose from.
Our Investment Portfolio lets your clients invest in a wide range of collective investments, structured products, and equities from all key investment sectors. In fact, there are thousands of funds to choose from.
Pension Portfolio on the Aviva Platform offers flexi-access drawdown on a single or phased basis and gives your clients complete flexibility with their pension fund in retirement.
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