I've moved to France, or I'm planning to move there. Will this affect my policy at all after 1 January 2021?
Our understanding is that 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 automatically annuitised.
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 at the end of the Brexit transitional period. 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) or Guaranteed Annuity Option on my policy, am I still able to benefit?
From 1 January 2021, if you're resident in France, we'll be unable to issue an annuity policy to enable you to access your pension benefits. This is our current understanding, but we're continuing to seek clarification from the French regulator.
If I have a deferred annuity with Aviva will I still receive payments?
If you've previously been issued a deferred annuity written in your own name with Aviva prior to 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 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.
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 permitted 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 is 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 re-start 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 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.
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 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.
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. 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?
From 1 January 2021, a UK pension can only be transferred outside of the UK to a QROPS (qualifying recognised overseas pension scheme) that's authorised by HMRC. 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?
No, as we're restricting access to our online systems for French residents from 1 January 2021. Please note that if you've instructed changes that are no longer permitted under French law, then we may need to reverse any transactions you've placed.
Why have you mentioned changes in the letter you sent that I don't believe I can make any more?
The new French laws were only published on 16 December 2020 so please be aware that some of our communications may still mention options even though they'll not be available to you. It's worth checking with us to see whether we can make a particular change to your plan.
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.