It might be time for an upgrade
Since you began saving into your Aviva pension plan, pensions have changed massively. Today's policies offer much more flexibility on how your money is invested – and how and when you can access it. It could be time to consider something new – like an upgrade.
Our self-invested personal pension could be just the thing. Moving your pension savings into this plan means you can choose how your money is invested – and make changes whenever you like. You can track your pension online through MyAviva. There is no charge to upgrade your Aviva pension.
What an upgrade could do for you
A pension upgrade could be the right thing to give you more control on how you save for your retirement and more flexibility when it comes to how you access those savings.
Upgrading will give you 24/7 online access to your pension. You'll be able to check its performance, update your details, make changes to your investments, and when the time comes, decide how you want to use your money for retirement. You can keep track of your savings progress and use tools such as My Retirement Planner to plan for your future.
Is it right for you?
If you're thinking of upgrading your pension, it's important to consider charges and fund options – and to make sure there are no valuable guarantees or benefits you could lose. Please see the key features document for risks associated with transferring. Remember, the value of your pension can go down as well as up and you may get back less than was originally invested.
If you're unsure, you may want to talk to a financial adviser who can help you decide whether transferring to a new pension is right for you. If you don't have a financial adviser, we can arrange for you to speak to our dedicated advice support team.
To help you decide whether an upgrade is right for you here are some details of the features and benefits of your existing pension with Aviva compared to the self-invested personal pension available from Aviva.
You will need a MyAviva account so you can manage your Pension online. As well as online access you will need an active email address to allow you to receive correspondence and notifications.
Features & benefits
- Online Access
- Wide range of investment funds (only 7 funds to choose from)
- Wide range of retirement options (no access to flexible income)
- Open age for retirement not available as must be before age 75
Features & benefits
Your current plan has an annual management charge, which can be between 0.75% and 1%. You may also have a yearly policy fee and/or a premium charge.
Features & benefits
- Managed online via MyAviva
- Wide range of investment funds (more ways to invest in the future)
- Wide range of retirement options (access to flexible income)
- No time limit by when you must take your money from the plan - keep your plan open for as long as you need
Features & benefits
The maximum charge on the Aviva Pension, based on investment in our ready-made funds, would be 0.75%. There's no policy fee or premium charge on this new plan. Please see table below for how the charge is made up.
Your initial fund options
Choose from 4 growth funds fully managed by Aviva Investors to different levels of risk. After the upgrade is completed, you will have access to all the funds available within the Aviva Pension. We offer an Experts' Shortlist of carefully selected funds as well as the ability to search within the full fund range. If you decide to switch to other funds in the future the charges you pay could be higher than your current pension. If you would prefer more choice when making your initial selections, please go to www.aviva.co.uk/retirement/pensions/transfer-your-pension and start your transfer from there.
Lower risk plan
Aviva Investors Multi-asset Plus Fund I
Lower risk - potentially lower return
For investors who are prepared to take only a minimal amount of investment risk; maintaining capital is the main priority which will limit the chances for real growth in order to see lower fluctuations in value.
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Lower to medium risk plan
Aviva Investors Multi-asset Plus Fund II
Lower to medium risk - potentially lower to medium return
For investors who are prepared to take a low-to-moderate amount of investment risk in order to increase the chances of achieving a positive return but don't want to see large movements in the value of their investments.
We apologise that the service is temporarily unavailable. We are currently working to fix the issue and hope to have normal service resumed shortly.
Medium to high risk plan
Aviva Investors Multi-asset Plus Fund IV
Medium to high risk - potentially medium to high return
For investors who are prepared to take a moderate-to-significant amount of investment risk to increase the chance of achieving a positive return.
We apologise that the service is temporarily unavailable. We are currently working to fix the issue and hope to have normal service resumed shortly.
Higher risk plan
Aviva Investors Multi-asset Plus Fund V
Higher risk - potentially higher return
For investors who are prepared to take a large amount of risk in order to increase the chances of achieving large returns.
We apologise that the service is temporarily unavailable. We are currently working to fix the issue and hope to have normal service resumed shortly.
Fair and Transparent Charges
We charge an annual fee for administering your pension, which is calculated daily and paid monthly from your cash account.
The cash account is where your money is held until you allocate it to investment funds. We pay interest on money held in the cash account at our variable rate which may be positive, zero or negative. If the is less than what we charge for managing your pension, the amount in the cash account will go down.
If there's not enough money in the cash account to pay your charges, we'll automatically take the money from your investments. See our for full details.
Charge details
| First £50,000 | Next £200,000 | Next £250,000 | Amount above £500,000 | |
|---|---|---|---|---|
| Maximum fund manager charge; actual charge may be less | 0.35% | 0.35% | 0.35% | 0.35% |
| Aviva charge | 0.4% | 0.35% | 0.25% | Free |
| Total annual charge | 0.75% | 0.70% | 0.60% | 0.35% |
How you'll be charged
To estimate how much you might pay over one year see the examples below. The charges shown are calculated on the basis the amount invested stays the same over the year. Actual charges are likely to differ. The amount you pay relates to the value of your investment and will be dependent on the performance of the fund over the period.
If your estimated pension pot value is:
-
Pension pot value:
£20,000
-
Annual charge estimation:
£20,000 x 0.75% = £150
-
Monthly charge estimation:
£12.50
-
Pension pot value:
£100,000
-
Annual charge estimation:
(£50,000 x 0.75%) + (£50,000 x 0.70%) = £725
-
Monthly charge estimation:
£60.42
-
Pension pot value:
£300,000
-
Annual charge estimation:
(£50,000 x 0.75%) + (£200,000 x 0.70%) + (£50,000 x 0.60%) = £2,075
-
Monthly charge estimation:
£172.92
-
Pension pot value:
£600,000
-
Annual charge estimation:
(£50,000 x 0.75%) + (£200,000 x 0.70%) + (£250,000 x 0.60%) + (£100,000 x 0.35%) = £3,625
-
Monthly charge estimation:
£302.09
How it works
Upgrading your existing pension is a straightforward process.
1
Update your details
Most of the required information is provided in your existing pension, but we need a few additional details from you to bring our records up-to-date. We'll also ask you to choose which of the 4 funds you want to invest in.
2
Leave it to us
Once you submit your details and preferred fund option, we'll take care of the rest to complete your upgrade.
While the money is transferring across to the new pension, it will not be invested anywhere which means you will miss out on any rise or fall in the value of investments during that time.
3
Upgrade Complete
It usually takes 3-6 weeks for the upgrade to complete. Then we'll send you your new account number and make sure you can access your MyAviva account so that you can manage your new pension online.
Important information about your new plan
To help you decide whether the new plan is right for you, please read the following documents.
Start your upgrade
Your new policy will be credited with the value of your existing pension. It usually takes 3 to 6 weeks after applying for your new balance to appear online.
Financial advice
If you're looking for help with your pension or retirement options, our financial advice support team can help you decide whether financial advice is right for you.
Contact us
Call us on 0800 260 0361 for a free consultation if you need help to compare the benefits of your current pension and the Aviva pension.
Monday to Friday: 9:00am - 5:00pm
For our joint protection telephone calls may be monitored and will be recorded and saved for a minimum of 5 years.