Article date: 28 June 2010
Brian Bussell, director of pensions and savings at Aviva, comments: "Overall Aviva is pleased with the final rules which the FSA has issued, aimed at implementing the principles of Adviser Charging in the GPP market.
“Group and corporate pensions are an important part of providing long-term savings for the UK population, and we agree with the concept of consultancy charging in this market to add transparency.
"We are pleased to see that the FSA has listened to industry opinion on the application of maintenance of commission to new members and increments to existing schemes.
“Although Aviva supports the principle of consultancy charging in group personal pensions, it will be challenging to develop GPPs in a way that allocates charging fairly across members of the scheme. We await further details of the proposed working group which will seek to address this crucial issue."
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Telephone: 01904 684128
Notes to editors:
- Aviva is the world’s fifth largest* insurance group, serving 53 million customers across Europe, North America and Asia Pacific
- Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion at 31 December 2009
- We are the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe
- Aviva’s life and pensions business in the UK has a total market share of 10.3%** and a leading position in its key markets of savings, protection and annuities.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive
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* based on gross worldwide premiums at 31 December 2008
** Source: ABI data released March 2010