Over the last couple of years we’ve been making changes to our personal and group personal pensions to support pension freedoms. Our customers can now flexibly access their Aviva pension via an UFPLS or income drawdown, all from the comfort of their existing policy.
We’ve been listening to your feedback and making continuous improvements to our products, and we’re happy to announce our latest development.
Adviser charging on income drawdown
For our Company Pension and Personal Pension, we can now arrange to pay an initial adviser charge when you advise your client to designate to income drawdown.
There are a few rules we must bring to your attention:
- The charge is only available to products that already offer an adviser charge option in accumulation – i.e. Company Pension and Personal Pension.
- The initial charge is paid as a one-off lump sum, specified as a monetary amount (not percentages).
- It must be requested and paid at the same time as a designation to income drawdown (first or subsequent).
- This charge does not automatically replace any existing adviser charges paid on the accumulation funds. It must be set up as a new arrangement between adviser and client.
To find out more about our income drawdown product, take a look at our presentation