Frequently asked questions

Unless you're already a member of a pension plan that meets the government's standards, your employer will have to enrol you into their workplace pension scheme if you:

1. are aged 22 to State Pension age
2. ordinarily work in the UK, and 
3. earn £10,000 or more a year (this is the figure for the 2024/2025 tax year and it may change).

But you can opt out if you want to. If you do so within one calendar month of receiving written confirmation of joining the scheme, any contributions already paid will be refunded.

If you opt out later, this money will stay in your pension. We will check that your opt out notice is valid and let you know.

Remember that if you opt out, you may be able to change your mind and opt back in. Please contact your employer if you would like to start contributions again if you do opt out.
If you stay opted out, your employer will normally put you back into their workplace pension in around three years if you are an eligible jobholder – that is, you’re aged 22 or over and earn above the minimum earnings threshold for auto enrolment. But you can again choose to opt out. Remember that the sooner you join the pension plan, the better your chance of a more comfortable retirement.

The amount you should pay into your pension depends on your circumstances and priorities, but please bear in mind that your employer may set a minimum contribution level. You will probably have to maintain that level of contribution in order to receive pension contributions into your pension from your employer.  You can find more information about pension contributions on the 'When you become a member' page.

To help you get an idea of how much income you will need in retirement, you can use the following tools:

Shape My Future helps you think about the lifestyle you might like to have in the future, what your retirement income might be, how much the lifestyle you want could cost; and plan how you might make it happen.

The Mid-Life MOT app provides a free check-up of your wealth, work, and wellbeing. Our Mid-Life MOT app is a small investment of your time, but it could make a big difference.

Funds are where your money is invested when you pay it into a pension plan. When your money goes into funds, Aviva pools your money with that of other investors and invests it with the aim of growing your pension savings . Pooled funds are a way of putting sums of money from many people into a large fund spread across many investments and managed by professionals. Investing this way can be easier and less risky than buying shares directly, for example.

With many pensions you can usually choose which funds to put your money into. There are many different types of funds, giving you plenty of options to choose from. If you're not sure which one(s) to pick, a financial adviser will be able to make recommendations for you. If you don’t make an active investment choice your payments will be invested in the default investment option chosen for your workplace pension.

Investment options usually differ in:
• The way they’re managed
• The assets they invest in
• The level of risk they take and the level of reward they’re aiming for

Different funds take different levels of risk. A lower risk fund might aim for steady growth over a long period of time with a lower risk of losing money. A higher risk fund will usually be aiming for higher long-term growth but there is more risk that you might lose money.

The types of assets that a fund invests in are an important factor in the returns you’re likely to get and the amount of risk that you’re taking. A higher risk fund might invest in shares of companies in either the UK or overseas which have the potential to provide good long term returns, but are also likely to see large ups and downs in value. A lower risk fund might invest in developed market government bonds (from the UK, Europe and the US) which normally offer lower returns but also generally have a lower risk of losing money.

One of the ways you can fund your retirement is by investing some money in a pension, which can:

• Supplement your State Pension
• Potentially give you greater financial security during your retirement
• Give you a tax-free lump sum from part of your pension benefits when you retire that will normally be 25% of the value of your pension. This is based on current tax rules and could change in the future.

A pension is a good way to invest for your retirement. You make payments into your pension and your employer will contribute too, subject to eligibility criteria. You could also get tax relief on your contributions.

Even if you receive a state pension (and any other government benefits, if you're entitled to them), it's important to bear in mind that it might not be enough to fund the lifestyle that you want. You need to feel confident you're going to have enough money to provide you with a reasonable income during your retirement.

The more you can invest during your working years, the better standard of living you're likely to have when you retire. So the earlier you start paying into your pension, the better. By doing this, you'll be able to invest more money over a longer period of time and your pension will have longer to grow. Saving for retirement takes time and things can change. We therefore suggest you review your investments and your pension regularly so that they're aligned with your plans for retirement. Just be aware that the value of your investment in your pension can go down as well as up and may be worth less than the amount paid in.

Aviva will send you a yearly pension update. It shows you how much you've invested to date, and the current value of your pension as well as any charges you have paid.
You can also monitor and manage your pension online at anytime by logging into your online account.

Help is always at hand if you have any questions about your pension, or if you want to make any changes to it. You can contact your employer, Aviva or a financial adviser using the contact details on this site.

If you want to manage your pension yourself, you can do it online by logging into your online account. Your online account lets you see how much your pension is worth and request changes to your pension. 

Once you've paid money into your pension, you can usually take your benefits from the minimum pension age. This is currently age 55. From 6 April 2028 this will be 57 unless you have a protected pension age. To find out more visit www.aviva.co.uk/nmpa. It is important to remember that there are two separate stages to a pension. The first is the money you build up in your pension from the payments you invest. The second is the retirement benefits you access yourself from the pension savings you have built up. You can use your pension savings to provide retirement benefits. There are different options available, and you should take financial advice or guidance before choosing your option(s).

As you approach your chosen retirement date, or when you tell us you wish to take your benefits, we will inform you of your options and the pros and cons of each.

Help is also available from the government's Pension Wise service from MoneyHelper service. This government service offers free and impartial guidance on your retirement options, either over the phone or face to face . You can find out more at the Pension Wise website: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

If you already have another pension plan (perhaps from a previous employer), you may be able to:

• continue paying into your existing pension as well as into your workplace pension
• leave your existing pension where it is and make all future payments into your workplace pension
• transfer your existing pension to your workplace pension.

The choice is yours. There’s no guarantee you’ll be better off by transferring. If you do think transferring your existing pension is an option for you, we recommend you seek independent financial advice to make sure that you won't be losing any valuable benefits or guarantees that your existing scheme may provide. In some cases you may be required to obtain advice for which a fee will be charged, before proceeding.