Individual pensions

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, including a with-profits fund
  • De-risking investment option, Phased Switching
  • Clients can invest regularly or make one-off payments. Minimum amounts from £200 a month, or a £10,000 initial payment, 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 could be lower than has been invested.

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 0.3%. 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 an initial single payment of at least £10,000
  • 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 and permanent UK residents
  • Clients looking for access to pension freedoms

 

Other considerations

You may also want to take these points into consideration:

  • Current income levels
  • Existing pension arrangements, including company schemes
  • State benefits
  • Target level of disposable income in retirement
  • Anticipated retirement date
  • Required range of fund choices
  • The value of your client’s pension plan may go down as well as up and may be worth less than has been paid in
  • 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 - specify either a number of months, an end date or the plan’s term

Frequency

Monthly

One-off

Monthly

Calculation

£ amount

£ amount

£ amount per month or a percentage per year

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

· You can defer the start of an ongoing charge until a specific date

· We calculate percentage charges every month as a percentage of the total fund value (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

· Only one ongoing adviser charge per plan at one time

· We can only pay this charge to the servicing agent

 

Quote and apply

For a quote, please call the Customer Contact team on 01603 208808. Calls may be monitored and/or recorded

To apply, please complete the application form

Or speak to your usual Aviva contact 

Related content

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

As a well-known global asset manager with broad and deep expertise across all major asset classes, we're able to give your clients the confidence they're looking for.

Pension planning

Read our range of articles on retirement products and things to consider when pension planning.

 

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