We're closing the Aviva Life & Pensions New & Old With-Profits Sub-Funds and Stakeholder With-Profits Sub-Fund to new business

From 1 January 2023 we’ll be closing the Aviva Life & Pensions New & Old With-Profits Sub-Funds and Stakeholder With-Profits Sub-Fund. We won’t be accepting any new policies or schemes into the funds.

What this means for existing customers

All existing policies will continue to work in the same way, with the same terms and conditions. We’ll also continue to actively manage each fund, in line with each fund’s objective. Between the end of July and November this year, we’ll write to all customers currently invested in the sub-funds to tell them about the closures.

Changes to payments into the funds

Where policies allow regular contributions, customers will still be able to make these payments into the funds, including increasing their contributions. However, depending on the product, for some customers we will no longer be accepting the following into the sub-funds:

  • Single Premium/Lump Sum increments
  • Transfers in from other products
  • Switches in from other funds within the same product
  • New members to existing schemes

Some customers have the option to invest in the sub-funds via other products. We’ll contact them to tell them about the closures, even if they don’t currently have any investments in the funds.

Some customers with a Designer Pension @ Aviva (who are not currently invested in the fund) will be informed about the change in their annual statement, instead of a separate letter. Statements are sent out over 12 months so for these customers the end date for investing in the sub-funds will be 31st October 2023.

Get into the detail

If you’d like more information about how the closures will affect your clients, please get in touch with your usual Aviva contact. We’ve also put together a Q&A for advisers, which should help to answer a number of queries.