Aviva Workplace Pension [Review]

Who Is Aviva?

Aviva is one of the best-known names in UK pensions, offering a full-service Workplace Pension proposition that spans master trust and contract-based arrangements. In 2025 it earned gold ratings across its Workplace ARC, Designer and My Money trust offers.

Its “My Future Vision” default strategy now incorporates a 15-year glidepath and private markets exposure.

Aviva Workplace Pension Overview

The Aviva workplace pension is a flexible, defined contribution scheme. It enables employers to enrol their eligible employees and fulfil their legal duties. Both the employer and employee will then pay contributions monthly into a pension pot.

Who Might Need An Aviva Workplace Pension?

An employer’s auto-enrolment duties begin as soon as an employee starts work. This means as soon as you hire someone, you must enrol them in a workplace pension scheme.

Different pension schemes will be suitable for different businesses. That said, Aviva’s workplace pension is aimed at medium-to-large-sized employers from any sector.

Eligible employees for auto-enrolment must be:

• Aged between 22 and State Pension Age
• Usually work in the UK
• Earn over £10,000
• Not already be enrolled in a workplace scheme elsewhere.

How Does An Aviva Workplace Pension Scheme Work?

The Aviva workplace pension is a multi-employer, master trust scheme. This means more than one employer can use the scheme at the same time.

Like most company pensions, it’s a defined contribution scheme. The employer and employee make contributions to build a pension fund for retirement.

The money paid into Aviva’s workplace pension is based on a percentage of an employee’s qualifying earnings. These savings are then invested on behalf of the employee by the scheme trustees. This allows the pot to increase in value over time, depending on the investment strategy.

Who Can Contribute To An Aviva Workplace Pension?

Most people join an Aviva workplace pension scheme after being enrolled by their employer. The employee, their employer, and the government make contributions.

What Are Aviva’s Workplace Pension Charges?

Aviva doesn’t charge employers a set-up fee. But there is a monthly cost for running the workplace pension scheme. Aviva will inform you of this charge when you receive your initial quote.

Our Workplace Pension specialists can help you find the most suitable scheme for your company. We’ll do the heavy lifting, allowing you to run your business without the additional stress. Make an enquiry to find out your options.

Richard Noble
Senior Consultant, Employee Benefits

How Much Can Be Paid Into An Aviva Workplace Pension?

The government set minimum contribution rates for both the employee and employer. They must pay this at least. Both parties can contribute more if they wish, but neither can pay less.

Employee Pension Contributions

The minimum amount an employee must pay into their pension is 5% of their qualifying earnings. This includes:

• Salary
• Wages
• Overtime
• Bonuses and commission.

The contribution is deducted from their gross salary each month. They will also receive tax relief from the government, which is 1% of their 5%.

Employer Pension Contributions

All employers must contribute a minimum of 3% of their employees’ qualifying income. They can, of course, choose to contribute more than this, though. Many offer higher pension contributions as part of their employee benefit package.

Where Are Contributions To An Aviva Workplace Pension Invested?

Like with most pension providers, Aviva offers a choice of funds that employee’s savings can be invested into.

Some of these funds are designed to give employees more control, whereas others are more suited to those without the time or know-how to make choices about their investments.

Aviva’s Corporate Pension Funds

Pension contributions go into Aviva’s default fund, unless the worker picks a different fund.

All of Aviva’s investment options have varying levels of risk and adhere to auto-enrolment regulations.

• Default funds
  Designed to meet the needs of most workers
• Investment funds
  Over 200 external funds that allow staff to invest according to their preferences
• Ethical and Sharia funds
  Specialist ethical funds and Sharia options that meet Islamic values.

Default Investment Fund

Aviva’s ‘My Future Focus’ is the scheme’s default investment fund. It is designed to offer a balance between risk and return.

It is agile enough to respond to changes in market conditions. But also takes into account environmental, social, and governance (ESG) considerations.

The default funds reflect the employee’s journey to retirement. In the early stages, it aims to grow capital, then the focus is switched to preserving it as they near retirement.

Employees can take a cash lump sum, draw on their savings as an income, or use their pension pot to buy an annuity.

Investment Funds

For more control over their investments, employees can choose from over 200 funds. This gives them the opportunity to invest how they want.

These options can be chosen from 30 fund management houses, including:

• Invesco
• Aberdeen Standard Investments
• Jupiter
• Schroders
• Funds managed by Aviva’s group of Aviva fund management investors.

Ethical And Sharia Funds

Aviva offers a variety of funds for those that invest according to their beliefs and values. They can choose from ethical, Fair Trade, and Sharia-compliant funds, for example.

Who Manages Aviva’s Workplace Pension Investment Funds?

Mercer (an independent board of trustees) and an in-house governance team manage the funds.

They will regularly check the funds to ensure performance meets expectations. If a fund starts performing poorly, the governance team will remove it from Aviva’s fund range. Aviva’s in-house investment fund governance team will also:

• Check the investment approach is still suitable for employees and meets regulatory requirements
• Evaluate the funds every three years to make sure they are still appropriate and performing in line with their sector
• Replace underperforming funds.

How Does An Aviva Workplace Pension Compare?

Like with most providers, there are a few pros and cons to the Aviva scheme to consider first.

Advantages Of The Aviva Workplace Pension

Established Brand

Aviva is a well-known global brand that operates across 16 countries with approx. 33 million customers.

It is one of the largest insurers in the world, offering many investment options. Aviva supports over 4 million UK pension members from more than 26,000 companies.

No Setup Charges

Unlike other providers, Aviva doesn’t charge employers for setting up a pension.

UK-Based Support Team

If you or your team need extra support, Aviva has a UK-based support team available 7 days a week.

Choice Of Investments

For those wanting more control over their savings, Aviva has over 200 fund options to choose from.

Suitable For All Businesses

Aviva offers workplace pensions to businesses of any size in any sector. So Aviva should be able to provide you with a suitable pension scheme.

Easy-To-Use Online Account

‘MyAvivaBusiness’ is a simple, online management system that staff can use to manage their pension.

Disadvantages Of Aviva Workplace Pensions

Monthly And Annual Management Charge

Although there is no setup fee for employers, there is a monthly fee to cover the costs of managing the scheme. This is between £30 and £50 per month.

Employees will also face an annual management charge, which is capped at 0.75%. But this may be higher if an employee chooses investment funds outside of the default option.

Large Scale Business

Aviva is a global company that provides workplace pensions to businesses of any size and sector. As a result, smaller businesses and start-ups may feel lost among Aviva’s large customer base.

When selecting a workplace pension, it is important to compare providers as the options available and fees will differ.

Alternatives To An Aviva Pension Company Scheme

If you’re looking for a company pension for your team, you’ll find a range of options available. Each Workplace Pension provider will offer different funds, tax relief models, and employee criteria. So, to ensure you find the right scheme for your staff, it’s a good idea to compare your options to see which is the best fit. You can find out more in our guide to the best Workplace Pension providers.

There’s plenty to consider when choosing a Workplace Pension. Some schemes might be appealing at a glance, but might not be suitable for your employees or industry. It’s essential to figure out what your team and your business really needs before committing to a provider.

Adam Gibbs
Senior Consultant, Workplace Pensions

Compare Workplace Pension Providers and Get Specialist Advice

Choosing the right Workplace Pension for your employees is important to get right. After all, it will ensure that your team has the best chance to build up a good savings pot for their retirement.

We know that searching for a company pension scheme may feel daunting. But that’s where we can help. Our pension specialists can help you find the right Workplace Pension scheme for your company. We’ll do the heavy lifting, allowing you to run your business without the additional stress.

Get in touch by calling 02074425880 or emailing us at help@drewberry.co.uk.

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