Article date: 19 September 2012
- New business processes showing charging options
- New RDR bond available
- Advisers now have the ability to add Adviser Charging onto individual contracts in Group Pension Plans
- Aviva Personal Pension product updated to offer adviser charging
Aviva has today announced that it is RDR ready for new business in order to assist advisers as they embrace the coming changes. Aviva is offering advisers a range of charging options – including consultancy charging – this means advisers can choose a remuneration model based on their business or client needs.
Processes for adviser charging on new business, are now up and running. The processes, such as ‘quote and apply’ and ‘new business tracking’, show each charging option so advisers can choose the option which best suits theirs, and their customer’s requirements.
New Select Investment Bond
Aviva has launched a new bond, Select Investment, which offers a range of ready made fund solutions in a simple, easy to understand product wrapper. With a minimum investment amount of £10,000, the bond is designed for growth potential and offers access to tax efficient withdrawals, inheritance tax planning and easy switching.
Select Investment will run in tandem with the current Portfolio bond until 31 December 2012, at which time Portfolio will close to new business in the UK*.
Group Pension Plans
Consultancy charging has been available on Group Personal Pensions since July 2012. Advisers also now have the ability to add adviser charging onto individual contracts for new business so they can service employers and employee schemes whilst also facilitating charging for individuals within the scheme when required.
Aviva’s flagship Personal Pension product has been updated to facilitate adviser charging on new business. Aviva is also streamlining the range to avoid product duplication and will be closing a few products which are not RDR compatible to new business**.
Aviva’s At Retirement products are also RDR-ready. However, with the majority of advisers conducting at retirement research on portals, the launch date for At Retirement products will be aligned to accommodate their timescales.
Andy Beswick, intermediary director at Aviva, said: “We know advisers are concerned about adviser charging and are at varying stages of readiness. Launching products which will facilitate charging ahead of the implementation deadline will instil confidence in advisers when they do business with us. As soon as advisers are ready, we’re ready to facilitate charging for them.
“Aviva remains committed to the intermediary channel and providing high quality support to ensure advisory firms are ready for RDR. Our Financial Adviser Academy has already helped over 19,000 members work towards their qualifications and we have a team of business transition experts available to offer further practical support.
“The RDR deadline is just day one. Aviva will continue to offer support and guidance as the industry evolves in a new era for financial advice.”
Aviva is on hand to help advisers whatever stage they are at in their preparations for RDR. More information can be found at www.aviva.co.uk/adviser/rdr.
If you are a journalist and would like further information, please contact:
Claire Miller - Aviva Press Office
Telephone: +44 (0)1904 684844
Mobile: +44 (0)7900 276400
Notes to editors:
* There will be no change for existing customers
** On 23 November 2012 the following products will be closing to new business:
- Aviva SIPP
- Income Drawdown
- Crystallised Pension Plan
- Your Pension Protector
There will be no change for existing clients and they will continue to have the same functionality currently offered (including adding top ups).
Aviva provides insurance, savings and investment products to 43 million customers worldwide.
We are the UK’s largest insurer with over 14 million customers and one of Europe’s leading providers of life and general insurance. We combine strong life insurance, general insurance and asset management businesses under one powerful brand. We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.
We are ranked as one of the UK’s top 10 most valuable brands and Aviva plc is in the top 10% of socially responsible companies globally in the Dow Jones Sustainability World Index. In 2011 we invested £5.3 million into our UK communities. One in three of our employees were involved in community investment activities which included giving nearly 33,000 hours.
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