< Aviva Pensions

Aviva Personal Pensions

Aviva Personal Pension

This is an investment product to help you save for your retirement. It’s ideal if you’re self-employed or haven’t joined your company pension scheme.

  • Minimum regular contribution – €100 monthly or €1,200 yearly
  • Minimum single contribution €5,000 (although this can be €25,000 in certain instances)
  • Range of investment funds to choose from
  • Easy switching between funds.
  • Online access to your policy details.

Download our Aviva Personal Pension Customer Booklet for more information.


When can I take out a personal pension plan?

Generally speaking the younger you are when you start a pension plan the better. For the Aviva Personal Pension Plan the minimum age is 19 next birthday and the maximum age is 73 next birthday.


How much can I put into my personal pension?

There’s no limit to the amount you can pay into your personal pension, but tax relief is only available on amounts up to a certain level depending on your income, your age and Revenue limits. This is set out in the table below (March 2019):

Age attained during the year Age attained during the year
(based on a percentage of your earnings)
Under age 30 15%
30 to 39 20%
40 to 49 25%
50 to 54 30%
55 to 59 35%
Aged 60 and above 40%

There’s a limit on how much of a member’s earnings can be taken into account for the purposes of the above percentages. The maximum earnings limit is currently set at €115,000 (in 2019). So, if a member’s earnings are greater than this figure their tax relief will only be based on their earnings up to €115,000 – anything above that limit doesn’t qualify for tax relief.


How does the tax relief on a personal pension work?

Tax relief reduces the real cost of your pension. You do not have to pay tax on any money (which falls within the limits set out above) that you put into a personal pension. The tax you save is calculated at the highest rate of income tax that you pay (currently 20% or 40%).

An example of how this works is set out below:

Monthly pension contribution = €100
Tax relief @ 40% = €40
Total net monthly cost to you = €60

If you pay income tax at the 20% rate, your tax relief will be €20.00 and your total net monthly cost will be €80.00.


How do I claim the tax relief?

If you’re an employee and your personal contributions are taken from your bank account, you can apply to your local inspector of taxes to have your tax credits adjusted to reflect your pension contributions. If you’re self-employed, you’ll need to include your pension contributions in your self-assessment tax returns to get income tax relief.


Can I take my money out if I need it in the future?

No, once you’ve put money into a personal pension you can’t withdraw it until you reach age 60 unless you have to retire early because of ill health.


What happens if I have to retire early because of ill health?

If you have to retire early because of ill health, and you apply for and get Revenue approval, you can take your benefits from your personal pension immediately.


What happens if I die before I retire?

If you die before you retire, we’ll pay the value of your Aviva Personal Pension to your estate. As with any inheritance, your beneficiaries may have to pay inheritance tax on any benefits we pay to them.


Can I use my pension as security for a loan?

No. You can’t transfer the rights to your pension plan to a bank or another institution as security for a loan.


How can I pay my contributions?

You can pay regular or single contributions to the Aviva Personal Pension. The Aviva Personal Pension can also accept transfers from other personal pensions. You can pay regular contributions by direct debit every month. You can pay in a single contribution at anytime by electronic funds transfer. You can do this instead of, or as well as, paying regular contributions.


Can I change how much I pay into my Aviva Personal Pension?

Yes. You can increase your contributions at any time. You can also reduce your contribution to the minimum allowed (which is €100 monthly or €1,200 yearly) or to take a break from making contributions if you want to. However, don’t forget that reducing or stopping your contributions will affect the value of your pension fund when you retire. Before making any decision to reduce or stop your contributions you should speak with your financial broker.


Can I save more automatically?

To help you to save more and to keep the value of your savings realistic in the future we will automatically increase your contribution by 5% each year. You can choose not to avail of this by selecting ‘NO’ on your application form or any time by telling us in writing. You will need to tell us 30 days before we can make any change. You can also opt to increase your contribution at any time. Before making any decision on your contributions you should speak with your financial broker.


What are my options at retirement?

Our separate Retirement Guide explains all of the various options that may be available to you at retirement.

Expert advice

Want expert advice on pensions and retirement? Contact your financial broker today.

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Warnings

Important information to consider.

Warning: Past performance is not a reliable guide to future performance.

Warning: The value of your investment may go down as well as up.

Warning: If you invest in this product you will not have any access to your money until you retire

Warning: If you invest in this product you may lose some or all of the money you invest.

Warning: This product may be affected by changes in currency exchange rates.

Aviva Life & Pensions Ireland Designated Activity Company, a private company limited by shares. Registered in Ireland No. 165970. Registered office at One Park Place, Hatch Street, Dublin 2, D02 E651. Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland. Tel (01) 898 7950.