- Ideal for Trustees who are looking for a convenient way to wind-up their company pension scheme (pdf).
- Employees can invest their new pension plan in a wide choice of funds managed by Aviva and other investment management companies.
- It’s simple and straightforward to set up the scheme through our automatic bulk transfer of member information.
- See our Key features of Defined Contribution Replacement Scheme (pdf) for further information.
- The Defined Contribution Scheme Replacement launched on 6 June 2011. For the earlier Millennium DCSR click here .
Product details
| Criteria | Type | Details | Notes |
|---|---|---|---|
| Payments | Type of payment |
Single | This payment represents the transfer value held under an existing external occupational money purchase pension scheme. |
| Additional payments | N/A | Additional payments cannot be made to the plan. | |
| Method of transfer | Cheque or BACS | ||
| Investment choice | Initial fund choice | By trustees | |
| Future fund choice | By members | ||
| Lifestyling / Phased Switching option | Up to five years before retirement |
Not available to members who move into the plan with 5 years or fewer to go to retirement. We will allocate these members` transfer funds to the same funds as those under the final stage of Lifestyling / Phased Switching if chosen by the trustees for the other members. Three Lifestyling approaches are available, including a Selfstyle approach. |
Funds
| Type | Details | Notes | |
|---|---|---|---|
| Funds | Range of Aviva funds |
View our Pension fund guide (pdf) for futher fund information. Our funds are managed by Aviva Investors, our global investment management business. The range includes cash, fixed interest, managed, multi-manager, equities, with-profits and property. | |
| Range of third party funds | Our additional choice of funds from different investment management companies enables scheme members to diversify their pension investments without having to go to another provider. |
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Type of charge | Detail | Notes |
|---|---|---|---|
| Charges | Annual fund charge (AFC) |
1% max |
This is taken as a percentage of the fund value by monthly deduction of units from each member`s plan. |
| Additional Yearly Charge (AYC) |
Varies | This charge may apply for some of the funds available. | |
| Fund Manager Expense Charge (FMEC) |
Varies | This charge may apply for some of the funds available. | |
| Charge for switching funds | None | We may limit the amount of switches if this facility is over-used. If Lifestyling is chosen and then subsequently removed, a charge may be made. | |
| Member fee | None | ||
| Installation charge |
None |
| Designed for employers who | Not designed for employees who |
|---|---|
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| Key considerations | |
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Contact us
You can get a quote by contacting your Aviva contact directly by email, phone or post.
See the steps involved
Winding up a scheme needn’t be a complicated process. We’ll work with you to make sure your client’s scheme replacement is sorted out quickly and easily. Take a look at our DCSR process guide (pdf), which takes you through the main steps of our DCSR application process.
Support for you
We have a wide range of support staff available to help you. View our contact details to find the right number that meets your needs.
