Homepage

Pension Fund Switches

With effect from 3 February 2009, Financial Advisers need to be aware of the following changes being applied to Pension Fund Switches.

What's Changing?

- A new Financial Adviser Switch Authorisation Form (FASAF) comes in to effect from 3 February 2009 that needs to be signed by the Planholder(s) and Financial Adviser.

- Once completed and validated, it allows Financial Advisers to instruct us directly regarding fund switches on the basis of the Planholder(s) instructions without providing Aviva with evidence of the clients instructions.

- The authorisation remains valid until cancelled by the Planholder(s) or there is a change of servicing agent on the policies affected.

Legally the completion of this form allows the Financial Adviser to instruct Aviva directly on the basis of his client's instructions using the authority within the delegation form and the powers under the Terms of Business with the policyholder to act as their agent. It also confirms that the adviser will not be conducting discretionary investment management.

Failure to obtain fund switch instructions from Planholder(s) without appropriate authority can result in penalties being imposed on the Financial Adviser and or Aviva by the FSA. It is for this reason that we are introducing this Form.

Click here to view and print the Form when required. If you need more details please speak to your local regional point of contact.

What Does This Mean for You?

- From 3 February 2009, where we do hold a completed FASAF for the policy in question, you can now ring us directly with the switch instructions and in most cases we will be able to process the switch over the telephone without the need for completing any further paperwork.

- If you send us a switch request without the planholder's written instructions and you do not have the FSA permissions to conduct Discretionary Investment Management we will be unable to process the switch. Instead we will ask for a FASAF to be completed and/or the planholder to ring us directly. Please note this may result in a later unit price being used.

- We currently do not accept email or online switch instructions from Financial Advisers.

From 10th April 2008 the following changes were put in place:-

- The date of the switch for postal requests will be the day we receive the instruction or if certain funds are being moved into or out of it will be at least 1 working day after receipt.

- For immediate requests (telephone, fax or hand delivered) the date of the switch will be at least 1 working day after its receipt or if certain funds are being moved into or out of it will be at least two working days.

* For a list of the products that this applies to click here