Aviva is a household name in the UK financial landscape. As a FTSE 100 company and one of the largest insurance and savings providers in the country, they look after the retirement savings of millions of people.
Whether you are looking to start your first pension, consolidate several old pots, or manage a workplace scheme, Aviva offers a robust range of options. However, with so many choices, determining if they are the right fit for your specific goals can be complex.
Here, we break down Aviva’s pension offerings, their investment approach, and how our Independent Financial Advisers (IFAs), who you can contact below, can help you on your retirement journey.
Get 100% independent pensions advice today
Our independent financial advisers have a deep working relationship with pension providers across the UK, including Aviva.
Whether you want to transfer your pension to Aviva or have an existing pension with then that you want to get the most out of, we can help.
The IFA's we work with can provide independent advice about pension transfers, reviews, drawdown, annuities and much more. Book your free initial consultation with them below:
Who is Aviva?
Aviva’s roots date back over 300 years. Today, they are a leading provider of pensions, life insurance, and general insurance. Their retirement division is particularly popular due to its scale, financial strength, and the "MyAviva" digital platform, which makes tracking your savings relatively straightforward.
Aviva Pension Products
Aviva offers several types of pension structures to suit different savers:
1. The Aviva Pension (SIPP)
The Self-Invested Personal Pension (SIPP) is designed for those who want more control over where their money is invested. Through the Aviva online platform, you can choose from a wide range of funds, including Aviva’s own managed funds and those from other leading fund managers.
2. Workplace Pensions
If you are employed, you may already have an Aviva pension. They are one of the UK’s largest providers of auto-enrolment schemes. These often come with lower management fees negotiated by your employer and the added benefit of employer contributions.
3. Stakeholder Pensions
Designed for those who want a low-cost, flexible way to save. Stakeholder pensions have capped charges and low minimum contribution levels, making them accessible if you are self-employed or on a variable income.
Investment Options
Aviva provides a "spectrum of choice" depending on how involved you want to be:
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Guided Portfolios: For those who want Aviva to do the heavy lifting. You choose a risk level (e.g., Cautious, Balanced, or Adventurous), and Aviva manages the asset allocation.
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Self-Select: For experienced investors who want to build their own portfolio from hundreds of available investment funds.
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Sustainable Investing: Aviva is a market leader in ESG (Environmental, Social, and Governance) investing, offering specific funds for those who want their retirement savings to have a positive impact on the planet.
Fees and Charges
Aviva typically uses a tiered percentage-based charging structure. Generally, the more you have invested, the lower the percentage you pay.
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Fund Charges: These vary depending on the specific funds you choose.
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Account Charge: A yearly fee for using the platform (usually around 0.40% for the first £50,000, decreasing for larger pots).
Note: Older Aviva "legacy" pensions may have different fee structures. It is often worth having an IFA review these to see if you could save money by switching to a modern plan.
Pros and Cons
Pros:
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Brand Security: A massive, well-regulated institution.
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User Experience: The MyAviva app is highly rated for tracking balances.
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Flexibility: Easy to increase, decrease, or stop contributions.
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Consolidation: A simple process for bringing multiple old pensions into one place.
Cons:
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Complexity: The sheer number of funds can be overwhelming for beginners.
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Cost: While competitive, they may not be the cheapest option for very large portfolios compared to flat-fee providers.
How We Can Help: Independent Financial Advice (IFA)
Choosing a pension provider is only half the battle; the real value lies in the strategy. At Money Help Desk, we connect you with Independent Financial Advisers (IFAs) who provide unbiased, expert guidance.
While Aviva is a fantastic provider, they are not the only one. Our IFA service helps you by:
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Conducting a Whole-of-Market Search: We compare Aviva against other providers (like AJ Bell, Vanguard, or Royal London) to ensure you get the best deal.
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Tax Efficiency: Ensuring you are maximizing your annual allowances and claiming all the tax relief you are entitled to.
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Pension Consolidation: Reviewing your old pensions to see if moving them to Aviva (or elsewhere) would result in lower fees or better performance.
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Retirement Strategy: Helping you decide how to take your money when the time comes - whether through drawdown, an annuity, or a lump sum.
Contact us today to speak with a qualified IFA about your pension options.
FAQs
Yes. Aviva has a dedicated transfer service. However, you should check if your old pensions have "guaranteed benefits" or high exit fees before moving them. An IFA can perform this analysis for you.