You can use any of the new approaches as the default strategy for new schemes, and for existing schemes staging from 1 June 2015 onwards. If your client doesn’t choose an approach, their default will automatically be Aviva Future Focus 2 Drawdown.
Scheme members who don’t want to invest in the default strategy will be able to pick from:
Our original range of three Future Focus lifestage approaches was designed for people buying an annuity at retirement. This made sense when we first developed the approaches, as that was what most people did when they retired.
Under the new pension rules, however, we expect fewer people will want an annuity. So we’ve created these new approaches so there are options for people who will want to use drawdown or take their whole pension pot as cash, along with those who’ll still want to purchase an annuity.
Just click on the “How the approaches work” tab at the top of the page.
Clients using Future Focus 1, 2 or 3 (our original range of Future Focus approaches) will see their approach changed to one of our new Future Focus Drawdown approaches. You can find out more here