as of 25/02/2021 at 12:06 pm
Those in drawdown with Aviva were usually advised, with their adviser having set everything up on their behalf. However, once set up in drawdown most were complimentary about Aviva’s customer service and pretty neutral about their experience, using the word ‘fine’. Nothing special but fine.
A big household name, Aviva offers easy entry into the pension space with a £50 per month minimum. The website is nice and simple and offers a shortlist of 4 ‘ready-made’ multi-asset funds that spread your money around lots of different shares and investments. Ballpark costs for a pension with one of these funds (including fund charges) are 0.75%, which is £7.50 a year on £1,000.
For those that want to pick their own investments, there is a much wider range of funds available, but you can’t buy individual company shares.
Although the service and experience is relatively bland, there is some comfort in choosing a large, familiar brand. And it is fairly straightforward to park your money into a solution that is managed and maintained for you on an ongoing basis at a reasonable fee.
To boost your pension savings, you can make a one-off payment at any time.
Aviva administers the drawdown of its pensions and does not charge any additional fees for this.
Large insurance and pension firm / huge global brand
|Minimum amounts:||£5000 minimum initial lump sum
£50 minimum monthly amount
"I saw an ad in the Evening Standard - 'In Charge Not Overcharged' - which prompted me to contact you to ask how I can see how my Aviva SIPP pension is performing against the competition. I'm 51. The fund value is £161K and it was opened a year ago. Appreciate any tips. Danny"
30/05/2019Read our reply
"I'm a 48 year old with minimal pensions. I would like to start a new pension to save for the next 12 years. I've already set up a Stocks & Shares ISA with Nutmeg, so would like to start my pension with another provider. I know little about investments so would like to use a company that has ready made funds based on risk assessment. Which would you recommend?"
30/05/2019Read our reply
"I have had a long and successful career, and intend to retire in autumn, aged 60. I have earned strong money, but being risk-averse, I have been content to let it mount up largely as cash, plus a pension (along with some smaller Stocks & Shares ISAs etc). I now find myself with £1 million in a low-cost Aviva pension, plus £2.5 million in cash. It is my hope to leave my pension untouched, and pass it over as part of inheritance tax planning. I have one son and a new grandson, who I would like to leave as comfortable as possible when I'm gone, so would like to balance my risk-adverse character with making my money work harder for us all. I have talked with several IFAs, but given my risk/return appetite, their fees seem to eat up most of the benefit they offer over my current position. I guess my question is, do IFAs normally bring sufficient benefit to low risk strategies, to make it worthwhile or am I better off cautiously investing myself, and saving the fees? Many thanks, Stephen"
Stephen, North Yorkshire
01/04/2019Read our reply