Aviva Pensions With Profits fund: no new investment

[yorkshirelad1]

Just had a letter from Aviva advising about a change to one of the funds in my Aviva pension plan - the Aviva Life & Pensions New & Old With-Profits Sub-Funds shown as Av With-Profit 2 S2 in the plan documents - and they have decided to stop accepting new investments into this fund from 1 January 2023.

Not too fussed as it's a small part, and got a decent bonus attached to it, for the moment. I put money into it 20+ years ago, but haven't put money into that fund recently. Have had in mind to switch out for a little while anyway, but mindful of any MVA.

Just posting in here case it's of use to anyone else.

ISIN GB0030517592
Fund factsheet: http://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx?user=Aviva_lifecust&type=packet_lp_fund_unit_doc_factsheet&Sedol=3051759
FT: https://markets.ft.com/data/funds/tearsheet/summary?s=GB0030517592:GBP
Trustnet: https://www.trustnet.com/factsheets/p/cu73/aviva-with-profit-pn-2

[Alaric]

and they have decided to stop accepting new investments into this fund from 1 January 2023.

I don't actually think they have. The restriction looks like they don't allow anyone with a new policy to direct money into the fund. If you already have a pension policy with money going in, you can continue, also seemingly you can switch into the fund from other investments held within the policy.

[DelianLeague]

Hello,

I had a pension with Aviva a few years ago and i had 50% of my money invested in a With Profits Fund, they wrote to me stating that they were closing it to investors. I cant actually remember if it was still accepting money from existing contributors as I wasn't paying any more money in anyway.

Anyway, my point is, that many older With Profit Funds had came with valuable guarantees but many people didn't realise this. So if you do decide to transfer it one day, just check that you don't have any thing like that.
Sometimes closing the funds to any more contributions was a sign that it would be expensive for them to honour the guarantees that they promised many years ago in more milkier times.

Regards, D.L.

[xxd09]

Possibility of a GAO -guaranteed annuity option-often worth a lot as annuity rates were high years ago
This valuable option will be lost if pension altered in any way
Certainly worth asking the insurance company what the GAO is on your policy before proceeding any further-if this option is available
xxd09