Aviva improves Wrap and Sipp platform

Article date: 24 March 2010

  • Fund-specific withdrawals feature makes it easier to take post-retirement income.

Aviva – the UK’s largest insurer – is adding a new feature to its Wrap and Sipp platform.

Fund specific withdrawals will enable advisers to select specific funds from which to take an income. The feature enables customers to choose the funds from which to draw down income – and keep these funds separate from their core investment portfolio. It will appeal to customers and advisers who do not want to disrupt their investment strategy by drawing income from across their whole portfolio.

The new feature – introduced following strong demand from financial advisers - will be available on Sipp and Isa from 15 March 2010.

Nicholas Burton, head of marketing at Aviva wrap, said: “Post-retirement is an important and growing market for advisers and Wrap and Sipp platforms. Flexibility is vital when drawing income in retirement and Aviva has developed the option to draw down income from a specific fund or funds - rather than across a whole portfolio.

“One of the most important benefits is that advisers can hold the nominated fund or funds outside of their asset allocation model. In practice, this means that the adviser can actively manage the asset allocation model - using automatic or manual rebalance and switch options - and set aside a fund or funds from which to draw income from. This means that the integrity of clients’ investment strategy is protected.”

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For further information, please contact:
David Gwyer 07800 693187, 01904 452659

Notes to editors:

Aviva, the international savings, investments and insurance group, is the world’s fifth largest insurance group, serving 50 million customers across Europe, North America and Asia Pacific.

In the UK, Aviva is a leading provider of life, pensions, investment, general insurance and health products to more than 20 million customers. Aviva also provides roadside assistance through RAC. Products are distributed through a number of channels including IFAs, brokers, corporate partners and direct to customers via the internet.

Aviva's UK Insurance business has a market share of around 15%, making it the largest general insurer in the UK. The business is focused on insurance for individuals and small businesses.

Aviva's life and pensions business in the UK has a total market share of 10.6% and a top three position in its key markets of savings, protection, and annuities.

Aviva’s news releases and a selection of images are available from the internet press centre at www.aviva.com/media.

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