Changes to funds
Introduction to changes
At Aviva, we’re committed to making sure we deliver a level of service that people expect from us. We are currently reviewing our investment funds and are making a number of changes.
There are several elements within this review:
- Changes to My Future Plus and Future Focus and closure of My Future Advantage
- Changes to Diversified Assets Funds (DAFs)
- BlackRock Aquila
- Funds review
- Lifestyle/Lifetime changes
Communicating the changes
We are communicating to all advisers, employers and trustees and you can find out about the changes by clicking
My Future Plus & Future focus
My Future Plus and Future Focus changes
As part of our ongoing commitment to provide members with robust investment solutions, we have reviewed the My Future Plus and Future Focus solutions and will be making changes to the management and composition of the funds used within them. There is no action you or your clients and customers need to take as a result of these changes.
Additional information
My Future Plus and Future Focus changes – questions and answers
My Future Plus and Future Focus changes – brochure
Closure of My Future Advantage – questions and answers
Example Trustee letter – My Future Plus and Future Focus changes
Example Employer letter – My Future Plus and Future Focus changes
Example customer letters
- Example Customer letter - My Future Plus (default) – letter reference starts C6a
- Example Customer letter - My Future Plus Target Drawdown - letter reference starts C6d
- Example Customer letter - My Future Plus Target Annuity - letter reference starts C6b
- Example Customer letter - My Future Plus Target Cash Lump Sum - letter reference starts C6c
- Example Customer letter - My Future Plus Target Drawdown Self-Select (default) - letter reference starts C6f
- Example Customer letter - Future Focus II Drawdown lifestage approach - letter reference starts C5a
- Example Customer letter - Future Focus II Target Annuity lifestage approach - letter reference starts C5b
- Example Customer letter - Future Focus II Lump Sum lifestage approach - letter reference starts C5c
- Example Customer letter - Future Focus I Drawdown lifestage approach - letter reference starts C5e
- Example Customer letter - Future Focus III Drawdown lifestage approach - letter reference starts C5d
- Example Customer letter - notice of changes to the Diversified Assets Funds only - letter reference starts C7
- Example Customer letter – closure of My Future Advantage investment programme – letter reference starts C19 – Coming soon
- Example Customer letter – closure of My Future Advantage investment programme – letter reference starts C20 – Coming soon
DAF changes
Changes to Diversified Assets Funds (DAFs)
We will be making changes to the Diversified Assets Funds (DAFs). We believe these changes will deliver an improved investment outcome for our clients and customers.
There is no action you or your clients and customers need to take as a result of these changes.
Additional information
BlackRock Aquila
BlackRock Aquila
During 2017, we worked with BlackRock to change the holdings of some of our pension funds which invested in BlackRock Aquila funds. The holdings of these funds changed from investing in BlackRock Aquila Connect funds to investing in equivalent “tax transparent funds” (TTFs) of an Authorised Contractual Scheme (ACS) administered by Aviva Investors. The new TTFs are also managed by BlackRock.
Further changes
During 2018 we made more changes to the majority of our pension funds investing in BlackRock Aquila funds available on My Money
The majority of the existing My Money platform funds that invested in BlackRock Aquila Connect funds changed to link to the Aviva Investors administered TTFs which are managed by BlackRock
The change to the TTFs reduced the risk to our company, clients and customers
We paid the costs of moving to the new structure. The move of investments out of the Aquila Connect funds meant that the names of the Aviva funds have changed. We wrote to clients and customers to tell them about the fund name changes.
Additional information
Questions and answers (including the list of affected funds) - My Money
Example Trustee letter – My Money
Example Trustee letter – Market Advantage
Example Employee letter – My Money
Funds review
Funds review
We will be closing a number of relatively small funds across all our ranges. The process will take around two years to complete, until the end of 2020.
We will be reducing the number of funds on our platforms. However, we will also be launching new funds where appropriate to ensure we are still providing sufficient choice as well as enhancing the range available.
A list of funds we have announced will close
Questions and answers
Example customer letter
Please note the funds review is an ongoing process. As funds are confirmed for closure we update the list of funds we have announced will close. Please also note that, outside of our review, we routinely close funds for a variety of reasons as part of our normal management process. This list therefore contains details of all the fund closures undertaken by us, not just the ones that form part of the review. The notice letters we send explain the reason for the fund closing.
Some closing funds may be mapped to different replacement funds than those listed for certain schemes. For example, some Trust schemes or schemes where charge capping applies. These are highlighted with an asterisk (*) after the replacement fund name. Please check with your Aviva contact to confirm the fund mapped for your scheme.
Lifestyle / Lifetime changes
Lifestyle/Lifetime changes
In a recent letter we informed you that we’re changing the way some of our investment solutions work. Some are restructuring, and some are closing. This means the names of some of them may have changed. The table below shows which investment solutions are impacted and the names that will apply before and after the changes. If an investment solution is closing, then its replacement is shown in the right-hand column.
Investment solution name before changes | Investment solution name after changes |
3 Year Lifestyle investment programme | 5 Year Lifestyle investment programme |
5 Year Lifestyle investment programme | No change |
10 Year Lifestyle investment programme | No change |
5 Year Lifetime investment programme | No change |
10 Year Lifetime investment programme | No change |
Mixed Investments Annuity Lifestyle approach | Mixed Investments Universal Lifestyle approach |
Mixed Investments Drawdown Lifestyle approach | Mixed Investments Universal Lifestyle approach |
Global Shares Annuity Lifestyle approach | Global Shares Universal Lifestyle approach |
Global Shares Drawdown Lifestyle approach | Global Shares Universal Lifestyle approach |
Stakeholder Mixed Investments Annuity Lifestyle approach | Stakeholder Mixed Investments Universal Lifestyle approach |
Stakeholder Mixed Investments Drawdown Lifestyle approach | Stakeholder Mixed Investments Universal Lifestyle approach |
Self-style (all variants) approach | Self-style Universal approach |
Phased Switching (all variants) approach | Phased Switching Universal approach |
The following drop-downs describe how each investment solution will work in the future. How members are affected will depend on how far they are from their retirement date. Each drop-down also includes examples of customer communications under all scenarios (although the examples are letters, some customers will have been informed via email
5 Year Lifestyle investment programme
Objectives
This programme aims to provide growth in the early years, although the value of your pension pot could fluctuate. It is designed to prepare your pension pot for flexible access at your chosen retirement age, including:
- income drawdown
- withdrawing all the money in your pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
- Early years (up to 5 years before a member's chosen retirement age)
The programme invests in the pre-lifestyle investment programme fund(s), which are determined by the scheme unless a member has made their own investment choice. - From 5 years to your chosen retirement age
A member’s money gradually moves into the Aviva Pension My Future Consolidation fund, which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of their pension pot.
The exact fund split when a member starts investing depends on how far from their chosen retirement age they are at that time. The diagram below shows how we’ll split investment between funds as they head towards their chosen retirement age.
The diagram below shows how we’ll split investment between funds as they head towards their chosen retirement age.
For members who will be invested in this solution going forward, we will have:
- Issued a letter to their employer pointing them to a dedicated employer microsite.
- Issued a communication to members already de-risking.
- Issued a communication to members moving from the 3 Year Lifestyle, and between 3 and 5 years from their retirement date.
- Issued a communication to members moving from the 3 Year Lifestyle, and more than 5 years from their retirement date.
- Issued a communication to members already in the 5 Year Lifestyle, and more than 5 years from their retirement date.
- Issued an endorsement with changes to their T&Cs.
- Made available a Q&A document on a dedicated customer microsite.

Diagram: 5 years Lifestyle investment programme
10 Year Lifestyle investment programme
Objectives
This programme aims to provide growth in the early years. It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
Early years (up to 10 years before a member's chosen retirement age)
The programme invests in the pre-lifestyle investment programme fund(s), which are determined by the scheme unless a member has made their own investment choice.
From 10 years to your chosen retirement age
A member’s money gradually moves into the Aviva Pension My Future Consolidation fund, which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of their pension pot.
The exact fund split when a member starts investing depends on how far from their chosen retirement age they are at that time. The diagram below shows how we’ll split investment between funds as they head towards their chosen retirement age.
For members who will be invested in this solution going forward, we will have:
- Issued a letter to their employer pointing them to a dedicated employer microsite.
- Issued a communication to members already de-risking.
- Issued a communication to members already in the 5 Year Lifestyle, and more than 10 years from their retirement date.
- Issued an endorsement with changes to their T&Cs.
- Made available a Q&A document on a dedicated customer microsite.

Diagram: 10 years Lifestyle investment programme
5 Year Lifetime investment programme
Objectives
This programme aims to provide growth in the early years. It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
Early years (up to 5 years before your chosen retirement age)
The programme invests in the Aviva Pension BlackRock (60:40) Global Equity Index Tracker fund, which aims to provide growth.
From 5 years to a member's chosen retirement age
A member’s money gradually moves into the Aviva Pension My Future Consolidation fund, which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of their pension pot.
The exact fund split when a member starts investing depends on how far from their chosen retirement age they are at that time. The diagram below shows how we’ll split investment between funds as they head towards their chosen retirement age.
For members who will be invested in this solution going forward, we will have:
- Issued a letter to their employer pointing them to a dedicated employer microsite.
- Issued a communication to members already de-risking.
- Issued a communication to members more than 5 years from their retirement date.
- Issued an endorsement with changes to their T&Cs.
- Made available a Q&A document on a dedicated customer microsite.

Diagram: 5 years Lifestime investment programme
10 Year Lifetime investment programme
Objectives
This programme aims to provide growth in the early years. It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
Early years (up to 10 years before your chosen retirement age)
The programme invests in the Aviva Pension BlackRock (60:40) Global Equity Index Tracker fund, which aims to provide growth.
From 10 years to member's chosen retirement age
A member’s money gradually moves moves into the Aviva Pension My Future Consolidation fund, which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of their pension pot. which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of their pension pot.
The exact fund split when a member starts investing depends on how far from their chosen retirement age they are at that time. The diagram below shows how we’ll split investment between funds as they head towards their chosen retirement age.
For members who will be invested in this solution going forward, we will have:
- Issued a letter to their employer pointing them to a dedicated employer microsite.
- Issued a communication to members already de-risking.
- Issued a communication to members more than 10 years from their retirement date.
- Issued an endorsement with changes to their T&Cs.
- Made available a Q&A document on a dedicated customer microsite.

Diagram: 10 years Lifetime investment programme
Global Shares Universal Lifestyle approach
Objectives
This programme aims to provide growth in the early years. It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
This investment approach goes through two stages. Members can only join this lifestyle approach if they have more than 10 years to their chosen retirement age.
Stage 1: up to 10 years before a member’s chosen retirement age
In the early years, the approach invests in two (70% in the Aviva UK Equity fund and 30% in the Aviva Global Equity fund), which aim to provide growth.
Stage 2: 10 years before a member’s chosen retirement age
We invest all new payments in the Aviva My Future Focus Consolidation fund, which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of a member's pension pot.
During this time, we also gradually move your existing investment into this fund, month-by-month.
The table below shows how we invest a member's money in more detail.
Stage 1 | Stage 2 |
At the start (but only if a member has more than 10 years before their chosen retirement age) | 10 years before a member's chosen retirement age (if they have been using this approach prior to this time) |
70% of new payments | All new payments |
Aviva UK Equity fund | Aviva My Future Focus Consolidation fund |
30% of new payments | The rest of their pension pot |
Aviva Global Equity fund | Moved monthly into this fund |
For members who will be invested in this solution going forward, we will have:
- Issued a communication to members currently in Stage 3 of the old solution
- Issued a communication to members currently in Stage 2 of the old solution
- Issued a communication to members currently in Stage 1 of the old solution
- Issued an endorsement with changes to their T&Cs
- Made available a Q&A document on a dedicated customer microsite.
Mixed Investments Universal Lifestyle approach
Objectives
This approach aims to provide growth in the early years.It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
This investment approach goes through two stages. Members can only join this lifestyle approach if they have more than 10 years to their chosen retirement age.
Stage 1: up to 10 years before a member’s chosen retirement age
In the early years, the approach invests in theAviva Mixed Investment (40-85% Shares) fund, which aims to provide the potential for growth, but aims to avoid large fluctuations in the value of a member’s pension pot.
Stage 2: From 10 years to a member’s chosen retirement age
We invest all new payments in the Aviva My Future Focus Consolidation fund, which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of your pension pot.
During this time, we also gradually move any existing investment into this fund, month-by-month.
The table below shows how we invest a member’s money in more detail.
Stage 1 | Stage 2 |
At the start (but only if a member has more than 10 years before their chosen retirement age) | 10 years before a member’s chosen retirement age (if they have been using this approach prior to this time) |
New payments | All new payments |
Aviva Mixed Investment (40-85% Shares) fund | Aviva My Future Focus Consolidation fund |
The rest of their pension pot | |
Moved monthly into this fund |
For members who will be invested in this solution going forward, we will have:
- Issued a communication to members currently in Stage 3 of the old solution
- Issued a communication to members currently in Stage 2 of the old solution
- Issued a communication to members currently in Stage 1 of the old solution
- Issued an endorsement with changes to their T&Cs
- Made available a Q&A document on a dedicated customer microsite.
Stakeholder Mixed Investments Universal Lifestyle approach
Objectives
This programme aims to provide growth in the early years. It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
This investment approach goes through two stages.
If a member has more than 5 years before their chosen retirement age:
Stage 1: up to 5 years before a member's chosen retirement age
In the early years, the approach invests in theAviva Mixed Investment (40-85% Shares) fund, which aims to provide growth.
Stage 2: 5 years before a member's retirement age
We continue to invest all new payments in the Aviva Mixed Investment (40-85% Shares) fund.
During this time, we also gradually move any existing investment into the Aviva My Future Focus Consolidation fund, month-by-month.
The table below shows how we invest a member's money in more detail.
Stage 1 | Stage 2 |
At the start (but only if a member has more than 5 years before their chosen retirement age) | 5 years before a member’s chosen retirement age (if they have been using this approach prior to this time) |
All payments | All new payments |
Aviva Mixed Investment (40-85% Shares) fund | Aviva Mixed Investment (40-85% Shares) fund |
The rest of your pension pot | |
Moved monthly into the Aviva My Future Focus Consolidation fund |
If a member has less than 5 years until their chosen retirement age when they start their plan, all new payments will be invested in the Aviva My Future Focus Consolidation fund. They won’t be invested in the Aviva Mixed Investment (40-85% Shares) fund.
For members who will be invested in this solution going forward, we will have:
- Issued a communication to members currently in Stage 2 of the Drawdown version of the old solution, or Stage 2 of the Annuity version and that joined with more than five years to retirement
- Issued a communication to members currently in Stage 2 of the Annuity version of the old solution and that joined with less than five years to retirement
- Issued a communication to members currently in Stage 1 of the old solution
- Issued an endorsement with changes to their T&Cs
- Made available a Q&A document on a dedicated customer microsite.
Self-style Universal approach
Objectives
This programme aims to provide growth in the early years. It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
This investment approach goes through two stages. Members can only join this investment approach if they have more than 10 years until their chosen retirement age.
Stage 1: up to 10 years before a member's chosen retirement age
In the early years, the approach invests in 1-2 funds that the member has chosen, which should typically aim to grow their pension pot.
If they choose 2 funds, they need to specify how they want to split their money between them (e. 50/50%, 65/35%).
Stage 2: 10 years before a member’s chosen retirement age.
We invest all new payments in the Aviva My Future Focus Consolidation fund, which continues to provide the potential for growth, but aims to avoid large fluctuations in the value of a member’s pension pot.
During this time, we also gradually move any existing investment into this fund, month-by-month.
The table below shows how we invest a member’s money in more detail.
Stage 1 | Stage 2 |
At the start (but only if a member has more than 10 years before their chosen retirement age) | 10 years before a member’s chosen retirement age (if they have been using this approach prior to this time) |
All new payments Fund A | All new payments |
e.g. Aviva Property Fund | Aviva My Future Focus Consolidation fund |
Fund B (optional) | The rest of your pension pot |
e.g. Aviva UK Equity Fund | Moved monthly into this fund |
For members who will be invested in this solution going forward, we will have:
- Issued a communication to members currently in Stage 3 of the old solution
- Issued a communication to members currently in Stage 2 of the old solution
- Issued a communication to members currently in Stage 1 of the old solution
- Issued an endorsement with changes to their T&Cs
- Made available a Q&A document on a dedicated customer microsite.
Phased Switching Universal approach
Objectives
This programme aims to provide growth in the early years. It is designed to prepare a member’s pension pot for flexible access at their chosen retirement age, including:
- income drawdown
- withdrawing all the money in their pension pot
- buying an annuity
- leaving their money where it is and making their choices later.
How it works
This investment approach goes through two stages. Members can only join this investment approach if they have more than 5 years to their chosen retirement age.
Stage 1: up to 5 years before a member’s chosen retirement age
In the early years, the approach invests in up to 50 funds that the member has chosen, which should typically aim to grow their pension pot.
Members need to say how they want to split their money between the funds they choose.
Stage 2: 5 years before a member’s chosen retirement age
We continue to invest all new payments in the funds used in stage 1.
During this time, we also gradually move any existing investment into the Aviva My Future Focus Consolidation fund, month-by-month.
The table below shows how we invest a member’s money in more detail.
Stage 1 | Stage 2 |
At the start (but only a member has more than 5 years before their chosen retirement age) | 5 years before a member’s chosen retirement age (if they have been using this approach prior to this time) |
New payments | All new payments |
Up to 50 funds chosen by the member | Continue with funds used in stage 1 |
The rest of your pension pot | |
Moved monthly into the Aviva My Future Focus Consolidation fund |
For members who will be invested in this solution going forward, we will have:
- Issued a communication to members currently in Stage 2 of the old solution
- Issued a communication to members currently in Stage 1 of the old solution
- Issued an endorsement with changes to their T&Cs
- Made available a Q&A document on a dedicated customer microsite.