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Changes to Aviva 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.
The review will consist of three elements:

  1. Fund of Funds changes
  2. Funds review
  3. Changes to BlackRock Aquila funds

Discover more

We are communicating to all advisers, employers and trustees and you can find out about the changes on the following pages.

Communicating the changes

Client and customer communications will start from December and January 2018 respectively.

We will write to all affected members.

For more information or if you have any further questions, please speak to your usual Aviva contact.

Changes to Fund of Funds

We have been reviewing our range of Fund of Funds and will be making changes to some of these funds and the assets they hold. We believe these changes will improve the investment outcome for pension scheme members.

Currently the Funds of Funds are managed by our in-house Aviva UK Insurance investment team. In future the funds will be managed on our behalf by Schroders to an investment mandate Aviva sets and governs.

Example letter to employers
Example letter to trustees
Example employee letter – Balanced Fund of Funds
Example employee letter - Balanced Index Enhanced
Example employee letter – Cautious Fund of Funds
Example employee letter - Global Equity Fund of Funds
Example employee letter - Multiple Fund of Funds

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 2019.

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.

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 intend to make some 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 currently invest in BlackRock Aquila Connect funds will now link to the Aviva Investors administered TTFs which are managed by BlackRock
  • The change to the TTFs reduces the risk to our company, clients and customers

We will pay the costs of moving to the new structure. The move of investments out of the Aquila Connect funds will mean that the names of the Aviva funds will need to change. We will be writing to clients and customers to tell them about the fund name changes.

Additional information

Questions and answers (including the list of affected funds)
Example Trustee letter - My Money
Example Trustee letter - Market Advantage
Example Employee letter – My Money
Example Employee letter – Market Advantage

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WA03443 09/2018