Personal Pension
Easy to manage with a range of investment choices
Our Personal Pension is for clients who want to make regular or one-off payments. Easy to set up and simple to manage, it still gives your clients a flexible pension with a wide range of investment choices. It could be a great first step into the world of pensions for many clients.
Versatility
Your clients can invest regularly or make one-off payments – payments from £200 a month or an initial one-off payment of at least £10,000
Choice
A wider investment selection than a stakeholder pension
Flexibility
Your clients can stop, start or change payments with no penalties
Product details
Why Personal Pension?
Our Personal Pension is a simple way to invest for retirement, with a few added options:
- Over 200 funds to choose from
- De-risking investment option, Phased Switching
- Clients can invest regularly or make one-off payments. Minimum amounts from £200 a month or £2,400 per year, including tax relief. Or a £10,000 initial payment including tax relief, or £10,000 initial payment plus regular investments from £20 a month
- Clients can change, stop and restart payments as it suits them. And the plan accepts payments from employers
- No upfront set-up charges, just an annual charge based on a percentage of fund value
- Annual charge starts at 0.7% and reduces if the fund value reaches £20,000. Some funds have additional charges - please visit our Investment Centre for details
- Flexible range of adviser charge options
- Offers pension-freedom access including full and part UFPLS and one-off income withdrawals using flexi-access drawdown
The value of a Personal Pension can go down as well as up and your client may get back less than has been paid in.
Facts and figures
Age limits
No minimum age, maximum age 74. Benefits must start to be taken before age 75.
Term
Minimum term - 5 years for regular payments, 1 year for single payments and transfers.
Payments
- Minimum initial regular payment - £200 per month or £2,400 per year, including tax relief. (Or £20 per month/£240 per year with a single premium of at least £10,000)
- Minimum initial single payment - £10,000 including tax relief. (Or £1,000 with a regular payment of at least £200 per month or £2,400 per year)
- Minimum increase in regular payments - £20 per month or £200 per year
- Minimum additional single premium - £1,000
- Automatic increases in regular payments– at the rate of the Average Weekly Earnings Index, with a minimum of 3% per year and a maximum of 15%
Charges
- 0.70% per year, taken monthly by cancellation of units from the plan
- Large fund discount - up to 0.30%. This reduces the annual fund charge as shown in the Charging Structure table
- Additional yearly charge - applies to certain funds, the amount will vary by fund
- Fund manager expense charge - applies to certain funds, the amount will vary by fund
Charging structure
| Fund size | Large fund discount | Annual fund charge |
|---|---|---|
| £0 - £19,999 | 0 | 0.70% |
| £20,000 - £49,999 | 0.25% | 0.45% |
| £50,000 and over | 0.30% | 0.40% |
Client suitability
The Personal Pension could suit a range of clients. For example:
- Clients who can make regular payments of at least £200 a month or £2,400 per year including tax relief, or an initial single payment of at least £10,000 including tax relief
- Clients looking for a wider investment choice than a stakeholder pension offers
- Clients who want the flexibility to stop, start or change payments with no penalties
- Clients who qualify for tax relief on pension payments
- Clients under 75 years of age who are permanent UK residents
- Clients looking for access to pension freedoms
Other considerations
You may also want to take these points about your clients into consideration:
- Current income levels
- Existing pension arrangements, including workplace schemes
- State benefits
- Target level of disposable income in retirement
- Anticipated retirement date
- Required range of fund choices
The future basis and rates of tax may vary. The tax relief available will depend on your client’s personal circumstances.
Adviser remuneration
Adviser Charge options
|
| Initial advice charge – regular payments | Initial advice charge – single or transfer payments and designation to income drawdown | Ongoing advice charge – regular, single or transfer payments and designation to income drawdown |
|---|---|---|---|
| Duration | Spread - specify either a number of months or an end date | One-off | Spread - Accumulation funds can be specified by number of months, an end date or the whole plan term. Income drawdown funds can be specified by number of months or an end date. |
| Frequency | Monthly | One-off | Monthly |
| Calculation | £ amount | £ amount | Accumulation funds: £ amount or % p.a. Income drawdown funds: % p.a. only |
| Additional info | · Available for each new regular payment added to the plan · Charges must start from the date of the first new regular payment · Charge must be less than the payment · Value of the charge taken from the plan is the same as the amount paid to the adviser each month
| · Available for each payment added to the plan and designating to income drawdown · Charges paid when we receive the payment, or when income drawdown funds are created · Value of the charge taken from the plan is the same as the amount paid to the adviser each month
| · Add ongoing adviser charges at any time, without a new payment · A specified start date can be set for an ongoing charge. This date can be set in the future. · We calculate percentage charges every month as a percentage of the total fund value (accumulation fund value OR income drawdown fund value, not both).(Agreed in steps of 0.01%) · Value of the charge taken from the plan is the same as the amount paid to the adviser each month · We can apply an ongoing adviser charge from accumulation funds and any income drawdown funds independently so long as they are paid to the same servicing agent. · We can only pay this type of charge to the servicing agent
|
Quote and apply
For a quote, please email the details to ACKEY@aviva.com
To apply, speak to your usual Aviva contact
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Investment Centre
This area holds all the information about our funds, including how they're managed and invested. You'll also find information about our Discretionary Investment Managers.Aviva Platform
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.Haven't found what you're looking for?
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