We're making changes to some Aviva investment funds and solutions

For customers

At Aviva, we’re committed to making sure we deliver a level of service that people expect from us. We're currently reviewing our investment funds and solutions and are making a number of changes.

The review consists of the following elements and you may receive letters from us about one or more of the below:

  • Closure of My Future Advantage
  • My Future Plus changes
  • Future Focus changes
  • Diversified Assets Funds changes
  • Lifestyle/Lifetime changes
 
And the following ongoing developments
  • Fund review
  • Changes to BlackRock Aquila funds

 

Communicating the changes

We have written, or will write to you, if you are invested in any of the funds which are impacted by these changes. 

Discover more 

For more information or if you have any further questions, please speak to your financial adviser. If you don’t have a financial adviser please go to unbiased.co.uk where you can search for details of advisers in your area.

Closure of My Future Advantage

We have decided to close the My Future Advantage investment programme and funds.  If your pension is invested in the My Future Advantage investment programme we will move it into our new My Future Focus investment programme. 

If you currently invest directly in a My Future Advantage fund (outside of the My Future Advantage investment programme)  we will move your investment to the relevant new My Future Focus fund.

This change will result in a reduction in fund charges.

 

My Future Advantage closure (investment programme) – Questions and answers

My Future Advantage closure (funds) – Questions and answers

 

 

My Future Plus changes

We have been reviewing the My Future Plus investment solution and will be making changes to the management and composition of the funds used within it. We believe these changes will deliver an improved investment outcome for our clients and customers.

For members currently invested in the My Future Plus funds, the changes will result in a reduction in fund charges.  The new solution will be called “My Future Focus”.

 

My Future Plus changes - Questions and answers

 

Future Focus changes

We have been reviewing Future Focus will be making changes to its design, including the make-up of the glidepaths. Future Focus will be renamed “My Future Focus”. 

 

Changes to Future Focus II Drawdown  - Questions and answers

Changes to Future Focus other lifestage approaches - Questions and answers

Diversified Assets Funds changes

We will be making changes to the Diversified Assets Funds (DAFs). We believe these changes will deliver an improved investment outcome for our customers.

There is no action you need take as a result of these changes.

 

Changes to Diversified Assets Funds -   Questions and answers

 

 

Lifestyle/Lifetime changes

We’re changing the way some of our investment solutions work. Some are being restructured and some are closing.This means that the name of your investment solution may have changed. The table below shows which investment solutions have been impacted and the names that will apply before and after the changes. If your investment solution is closing, then its replacement is shown in the right-hand column below. 

 

 

Investment solution name before changes

Investment solution name after changes

3 Year Lifestyle investment programme

5 Year Lifestyle investment programme

5 Year Lifestyle investment programme

No change

10 Year Lifestyle investment programme

No change

5 Year Lifetime investment programme

No change

10 Year Lifetime investment programme

No change

Mixed Investments Annuity Lifestyle approach

Mixed Investments Universal Lifestyle approach

Mixed Investments Drawdown Lifestyle approach

Mixed Investments Universal Lifestyle approach

Global Shares Annuity Lifestyle approach

Global Shares Universal Lifestyle approach

Global Shares Drawdown Lifestyle approach

Global Shares Universal Lifestyle approach

Stakeholder Mixed Investments Annuity Lifestyle approach

Stakeholder Mixed Investments Universal Lifestyle approach

Stakeholder Mixed Investments Drawdown Lifestyle approach

Stakeholder Mixed Investments Universal Lifestyle approach

Self-style (all variants) approach

Self-style Universal approach

Phased Switching (all variants) approach

Phased Switching Universal approach

The following drop-downs describe how your investment solution will work in the future. How you are affected will depend on how far you are from your retirement date. This is explained in the letter that led you here.

5 Year Lifestyle investment programme

10 Year Lifestyle investment programme

5 Year Lifetime investment programme

10 Year Lifetime investment programme

Global Shares Universal Lifestyle approach

Mixed Investments Universal Lifestyle approach

Stakeholder Mixed Investments Universal Lifestyle approach

Self-style Universal approach

Phased Switching Universal approach

Ongoing developments

Fund review

If you are invested in a fund which is closing we will write to you to let you know. We started this process in January 2018 and expect to finish by the end of 2020. In the letter we will ask you to let us know which fund or funds you wish to move your investment into. We will provide details of an alternative fund into which your investment will be moved if we do not receive your instruction by the deadline stated in our letter.

Please note the fund review is an ongoing process and therefore you may receive multiple letters from us concerning the closure of funds.

Fund review questions and answers

BlackRock Aquila

During 2018 we made some changes to the way we use BlackRock's Aquila funds. Some of our funds which invested in BlackRock Aquila funds have been renamed. The word ‘Aquila’ has been removed and, in most cases, ‘Tracker’ has been added to the affected fund names. Changes have also been made to the underlying operation of these funds, but each fund’s aim, risk rating and the types of asset it invests in have not changed, and charges have not increased. More information about these changes can be found in our questions and answers below.

We have paid the costs of moving to the new structure.

BlackRock Aquila questions and answers (including the list of affected funds)