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Closure of the UKLAP WPSF to new business

Jun 13, 2019, 16:32 PM
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Over recent years more options for savings and retirement planning have become available and the number of new policies going into one of our with-profits funds - the Aviva Life & Pensions With-Profits Sub-Fund have reduced.  

What’s changing?

The Aviva Life & Pensions With-Profits Sub-Fund is being closed to new business on the 30th June 2019. Closing the fund to new business does not reflect on the performance of the fund in any way, and we will continue to actively manage the fund in line with the fund’s objectives.

As the Aviva Life & Pensions With-Profits Sub-Fund currently accepts With-Profits Pension Annuity business, this particular product is also being closed to new business. This means last quotes will be issued on the 14th June and any applications that you may want to submit must be with us (including all documentation and money in) by close of business on 28th June 2019.  If we receive monies after this date, we will offer you the option of a conventional annuity from Aviva or to return the funds to the ceding provider.

The Aviva Life & Pensions Old and New With-Profits Sub-Funds and the Stakeholder With-Profits Sub-Fund remain open for new Bond and Pensions business.     

Will my clients be notified?

We will begin mailing existing customers in the Aviva Life & Pensions With-Profits Sub-Fund from July to stress that their policy will continue to work in the same way, with the same terms and conditions. They will receive a Q&A sheet as part of this letter, which can be viewed here.

Contact us

If you have any queries, please get in touch with us in your usual way.
IN90129 06/2019

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