Reminder: restrictions to transactions relating to the Aviva Life & Pensions Old & New With-Profits Sub-Funds

05 Oct 2023

This is a reminder that from 1 November 2023, some transactions will no longer be allowed for Designer Pension @ Aviva customers investing in the Old & New With-Profits Sub-Funds. These Sub-Funds had already been closed to new policies and new schemes with effect from 1 January 2023.

What this means for existing Designer Pension @ Aviva customers

All customers with existing regular contributions into the Old & New With-Profits Sub-Funds can continue to make these contributions, and where their policy allows it, they can change the regular amount at any time.

However, from 1 November 2023, Designer Pension @ Aviva customers will need to choose from the other funds available to them for the following transactions:

  • making a lump sum payment into their pension
  • transferring money into their pension
  • making fund switches from other funds.

We’ve notified customers about this change in their annual statement.

Things to remember

  • Customers do not need to change the existing units they have invested in with-profits.
  • We’re not planning to change the investment mix of the sub-funds, and no material changes are being made to the way the funds are managed. They continue to be actively managed in line with their fund objectives.

Get into the detail

If you’d like more information about how these changes affect your clients, please get in touch with your usual Aviva contact.