I've moved to France, or I'm planning to move there. Will this affect my policy at all after 1 January 2021?
From 1 January 2021, if you remain resident in France, you won't be able to make the following types of changes to your policy:
1. Change the percentage of salary that you or your employer pay in contributions.
2. Vary the contribution amounts currently paid to your pension either by you or by your employer, although this might be possible if the change in payment is already clearly set out in your plan terms and conditions and doesn’t need any instruction from you or us to implement.
3. Make one-off payments, or transfer money, into your existing pension plan.
4. Take out an annuity or any other product with another UK pension provider, unless that provider is authorised by the French regulator.
5. Take out a new annuity or a new policy with us, including where your policy would otherwise have been converted into an annuity automatically, unless you’re accessing the annuity by using a guaranteed annuity rate (GAR) or guaranteed annuity option (GAO) or guaranteed minimum pension (GMP) in your existing pension policy. Just so you know, not all policies will have a GAR or GAO or GMP. If you’re unsure if your policy includes this, you can contact us.
6. Take out an annuity with us if you go past age 75.
How will the bank closing bank accounts affect my pension contributions into my pension?
Your bank will notify you, and may have already done so, if they're planning to close your UK bank account now the UK has left the EU. If this happens, and you need to change your banking arrangements, please let us know your new details as soon as possible so we can carry on receiving payments from you.
If I have a guaranteed annuity rate (GAR), guaranteed annuity option (GAO) or guaranteed minimum pension (GMP) on my policy, am I still able to benefit?
Yes, you’ll still be able to access your GAR/GAO/GMP benefits on your policy.
Can I take out an annuity with you?
No, you will be unable to take out an annuity with us, including where your policy would otherwise have been converted into an annuity automatically, unless you’re accessing the annuity by using a guaranteed annuity rate (GAR), guaranteed annuity option (GAO) or guaranteed minimum pension (GMP) in your existing pension policy. Just so you know, not all policies will have a GAR, GAO or GMP. If you’re unsure if your policy includes this, you can contact us.
If I have a deferred annuity with you, will I still receive payments?
If you've previously been issued a deferred annuity written in your own name with us before 1 January 2021 with payments due to start in the future, your deferred annuity will be unaffected.
Could I take out a new policy with you?
From 1 January 2021, if you're a French resident, we can't accept any requests for new policies as we're no longer authorised to carry on business in France. You may therefore wish to seek financial advice on how to make sure you have the benefits and cover you need.
Can I, or my employer, still make payments into my pension?
If you're resident in France, you and your employer can continue to make contributions to us that were already set up by 31 December 2020. This means that automatic increases to your contributions, such as a result of salary increases, are allowed BUT if you pay a specific contribution not based on percentage of your salary you won't be able to change this amount. Any contributions you can still make will be subject to your terms and conditions and HMRC rules.
Can I, or my employer, change the payment amount into my pension?
Only pension contributions that have already been set up to automatically increase each year can continue. From 1 January 2021, we can't accept any requests to change the contribution amount or percentage of salary from you or your employer.
Can I, or my employer, make single premium payments or transfer payments, into my pension?
From 1 January 2021, if you're resident in France, we can't accept any additional single contributions or transfer payments into your pension as we're not authorised to carry on business in France, under French regulation. You may therefore wish to seek financial advice on how to make sure you have the benefits and cover you need.
I want to stop the premiums on my policy to make my policy paid-up or to take a premium holiday. Am I allowed to do this?
It’s possible to stop contributions into your pension. You'll need to contact us as and when you’d like to restart contributions so we can confirm whether you are able to restart contributions based on any restrictions in place at the time.
Can I add indexation of premiums to my policy?
From 1 January 2021, if you're resident in France, we can't accept any requests to index the premiums on your policy as this would be an amendment to your policy at your instruction. We're no longer authorised to carry on business in France. You may therefore wish to seek financial advice on how to make sure you have the benefits and cover you need.
Am I able to switch my funds to alternative funds?
Yes, you're still able to switch funds.
Can I change the retirement date on my policy?
Yes, you're able to change the retirement date on your policy.
Can I move my pension with another provider to Aviva?
From 1 January 2021, if you're resident in France, you can't move your pension to an Aviva pension contract as we're no longer authorised to carry on business. You may therefore wish to seek financial advice on how to make sure you have the benefits and cover you need.
Can I move my pension to another UK-based pension provider?
From 1 January 2021, if you're resident in France, you'll only be able to move your pension to another UK provider if that provider is authorised to undertake pensions business in France. We suggest you contact the receiving scheme to confirm they're happy to accept a transfer before you proceed. We’ll need confirmation from the receiving scheme before we can make a transfer. You should seek financial advice on the options available to you.
Can I move my pension to a French-based pension provider?
A UK pension can only be transferred outside of the UK to a QROPS (qualifying recognised overseas pension scheme). Currently our understanding is that there are no QROPS in France. You should therefore seek financial advice on the options available to you.
Can I move my pension to a provider based in another country other than the UK or France?
A UK pension can only be transferred outside of the UK to a QROPS (qualifying recognised overseas pension scheme) that's authorised by HMRC. We’ll need confirmation from the receiving scheme before we can make a transfer. You should therefore seek financial advice on the options available to you.
Am I able to change the death benefit nominations on my policy?
Yes, you're able to change the death benefit nominations on your policy.
Can I still make changes to my policy online?
We have restricted access to our online systems for French residents from 1 January 2021 either to prevent restricted changes where this is possible or preventing access completely where this isn’t possible. If you've tried to make changes that are no longer allowed under French law, then we may need to reverse any transactions you've placed.
I’ve received a letter mentioning changes/options in letters that I don’t believe I can make anymore. Can I still make them?
No, the restrictions mean we’re unable to make the changes even though some of our communications may still refer to options that are no longer available to you as a French resident.
Can I still take cash lump sums out of my pension?
Yes, you're still able to withdraw cash lump sums, including tax free cash, subject to HMRC rules.