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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.
There are several elements within this review:

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

Discover more

We are communicating to all advisers, employers and trustees and you can find out about the changes by clicking the tabs above.

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.

My Future funds changes

We have been reviewing our My Future investment solution and will be making changes to the way the funds used within it are managed. We have appointed BlackRock to oversee the asset allocation model of these funds. The underlying funds in which they in turn invest will continue to be passively managed by BlackRock. The exception is the My Future Annuity Fund, which will invest in the L&G Pre-Retirement Fund.

There is no action you or your clients and customers need to take as a result of these changes.

Additional information

My Future changes - questions and answers
My Future changes - brochure
Letter to employers
Letter to employers if the scheme is an ex-AXA Sun Life group pension product, taken out after 01.11.2002

Changes to Fund of Funds

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

The Fund of Funds used to be managed by our in-house Aviva UK Insurance investment team. The funds are now 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.

During 2018 we made some 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 had invested in BlackRock Aquila Connect funds are now linked to the Aviva Investors administered TTFs which are managed by BlackRock. The change to the TTFs has reduced the risk to our company, clients and customers.

We have paid the costs of moving to the new structure. As a result of the move of investments out of the Aquila Connect funds the names of the Aviva funds have changed. We have written 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 03/2019