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Your personal retirement plan

The VitalityInvest Retirement Plan is our unique version of a personal pension. With our plan, you can invest in a wide range of funds and get tax-relief on the money you put in, up to a limit set by HM Revenue and Customs (HMRC).

Any tax benefits you receive depend on your tax position, as well as current tax law, both of which may change in future.

Please note the value of investments - and the income from them - can go down as well as up, meaning you may get back less than you invest. 

How a personal pension works

Pensions are a tax-efficient way to save for retirement. You’ll get tax relief on your contributions up to a limit set by HMRC, which at the moment, is up to 100% of your earnings (subject to an overall limit of £40,000 each tax year). If you have a higher income, your annual allowance may be lower.

If you earn less than £3,600, you can still get tax relief on contributions, up to £3,600 a year.

Any growth, interest and dividends on your retirement plan will be tax-free. However, you may need to pay tax on any money you withdraw. Currently, when you reach 55, you can access your money in a way that works for you, such as taking 25% as a tax free lump sum and using the rest to provide an income.

Getting started with our Retirement Plan with Healthy Fee Saver

  • Easy to start

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    Start a plan with regular contributions of £200 a month, or with a lump sum of at least £3,600. There’s no minimum amount for additional lump sums.

  • Easy access

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    From age 55, you can access your money in a way that works for you.

  • Simple transfers

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    Transfer eligible pension pots together into one Retirement Plan.

  • Easy to manage

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    Stop, start, increase or decrease regular contributions, and pay in lump sums at any time up to your annual allowance.

How is our Retirement Plan with Healthy Fee Saver different?

Our Retirement Plan is a unique investment plan that includes our Healthy Fee Saver. The Healthy Fee Saver incorporates:

The Vitality Programme 
Your plan gives you automatic access to our Vitality Programme at no extra cost. It’s designed to help you take steps towards a healthier future and rewards you with real financial benefits. The healthier you are, the more points you earn toward these benefits and to improving your Vitality status – from Bronze, to Silver, Gold and ultimately Platinum. It also includes discounts on travel, coffee, hotels, trainers and much more.
Learn more about the Vitality Programme

Healthy Living Discount
With our Healthy Living Discount, the more you look after your health, the lower your product charge could be – as little as zero every year, when you invest in Vitality funds. This helps you keep more of your money invested and gives you the best chance of meeting your long-term savings goals.
Learn more about the Healthy Living Discount

Funds from world-leading investment managers

We’ve partnered with three world-leading investment managers to offer a range of Vitality funds to match your needs.

Vitality has partnered with Vanguard, SEI and Ninety One (previously Investec Asset Management)
We also have over 500 non-Vitality funds from more than 50 leading fund managers.
Explore our fund range

What are the charges?

Product charge – starts from 0.25%p.a when you invest in Vitality funds and is for administering your plan. It’s tiered so the more you invest, the less the charge rate you pay. And with the Healthy Living Discount you could reduce the product charge. In fact, you might not have to pay one at all when you invest in Vitality funds and reach Platinum status.

Fund charges - for the ongoing management of the funds, plus the cost of buying and selling assets within the investment funds.

Adviser charge – this is what we pass on to your financial adviser for managing your account. The amount is agreed between you and your adviser and not set by us.
Read more on our charges

Where to get more information

To help you reach a decision on what you’d like to do next, we recommend you consider the following sources:

UK Government guidance: They offer free and impartial guidance to help you understand your retirement options. Visit Pension Wise or call 0800 138 3944 to book an appointment. Alternatively, go into your local Citizens Advice Bureau for information on Pension Wise and how to book an appointment.

You can also call organisations like the Pensions Advisory Service on 0300 123 1047 or the Money Advice Service on 0800 138 7777, who produce a guide called Your Pension: It’s Time to Choose. You may find this guide helpful and we recommend you read it before making a decision.
Find a financial adviser

Your questions answered

How can I set up a VitalityInvest Retirement Plan?

You’ll need to have a financial adviser registered to do business with Vitality. You must also be:

  • Aged 18 or over
  • A UK resident – that’s someone who spends 183 days or more in the UK in the tax year
  • A ‘relevant United Kingdom (UK) individual’. That’s someone who:

(a) Has relevant UK earnings subject to income tax for that year

(b) Is resident in the UK at some time during that year

(c) Was resident in the UK at some point during the five tax years immediately before that year, and when they became a member of the pension scheme, or

(d) Has general earnings from overseas Crown employment subject to UK tax in that tax year

If you’re a non-earner, the maximum you can pay into a pension fund in one year is currently £3,600 gross – that’s £2,880 contribution with £720 tax relief.

What happens to my Retirement Plan if I die?

The value of your plan will be paid to your beneficiaries. To determine who these are, we’ll take account of your circumstances when you die, and anyone you’ve said you want your money to go to. Your beneficiaries will then have these options:

  • To take all or part of the amount as a lump sum
  • To take a flexible income
  • To purchase a lifetime annuity

If you’re aged under 75 when you die, the lump sum and/or income payments to your beneficiaries will be tax-free. If you’re 75 or over when you die, your beneficiaries will pay income tax on any lump sums or income they receive.

Can I change the funds?

Yes, any time you like. Just contact us or your financial adviser, choose which funds to link your plans to and which ones you would like to remove.

Do I earn interest on my cash account?

Yes. The cash account is designed to be used to facilitate charges and withdrawals, or as a short-term holding. It has not been designed to hold investments for the long-term. Interest is calculated daily and added monthly. The current interest rate is 0.05% a year and may change at any time. You can also link part of the value of the policy to a cash account.

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“Vanguard” is a trade mark of The Vanguard Group, Inc., and has been licensed for use by Vitality Life Limited. The VitalityInvest Risk Optimiser funds are not sponsored, endorsed, sold, or promoted by The Vanguard Group, Inc. or Vanguard Asset Management, Limited and they make no representation regarding the advisability of investing in the funds.