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Changes to our individual pensions
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We constantly review our products to make sure they continue to offer great choice and flexibility to our customers and reflect market conditions. It is with this in mind that we have decided to reduce our commission.
- Due to the change in age factors, the new maximum single premium commission terms on our Personal Pension and Stakeholder Pension will be reduced from 4% + uplift to 3.36% + uplift.
- Due to the change in term factors, the new maximum regular premium commission terms available are:
Ø For Personal Pension regular premiums reduced from 30% of LAUTRO + uplift to 27.6% of LAUTRO + uplift.
Ø For Stakeholder Pension regular premiums reduced from 24% of LAUTRO + uplift to 20.4% of LAUTRO + uplift.
Although, as mentioned, we constantly review our products, there are currently no plans to change commission terms on Income Drawdown.
Commission terms will be changed on
Background information
At Aviva, we are committed to writing profitable business through Advisers. Also, unlike some of our competitors, we’re not removing the option of indemnified initial commission on our Individual Pension products.
We’re confident that the small changes that we’re making leave us competitive in terms of commission and product price (in terms of estimated maturity values). Alongside this, we’re also making enhancements to our Individual Pension Propositions, including:
Ø Individual Adviser and new customer access to online plan details through Pension Tracker offering the Retirement Planner, summary of payments and access to online variations and investment fund performance details
Ø The new Adviser Portal with an improved online experience, simplified navigation, new transaction services and summaries and tools
Ø Further increases to the fund ranges for our pension products.
