Aviva to axe four products including the Aviva SIPP

The other products that will be closed to new business are Income Drawdown, the Crystallised Pension Plan and Your Pension Protector.

Although the products will be closed on 23 November this year, the company said clients will still have access to SIPP and income drawdown functionality through the Aviva Pension Portfolio product.

Existing clients will be unaffected by the move with the same functionality offered on all products - including adding top ups.

With regards to adviser charging, the company won't pay commission on increments to existing policies on these product unless adviser charging has already been set up.

New business quotes will be available for the Aviva SIPP up to and including Friday 23 November, while quotes will be available on Income Drawdown, Crystallised Pension Plan and Your Pension Protector up to and including Friday 12 October.

Re-quotes are available until Friday 23 November - providing the original quote was given on or before 12 October.

Aviva SIPP online applications and supporting paperwork must be with Aviva by Friday 23 November. The same date appiles to the other products above.

"Aviva is committed to the platform market and its SIPP offering is a key part of this growing proposition. In preparing for RDR, we've decided to close a few of our products to new business.

That includes our Aviva SIPP, which is one of two SIPP offerings we currently have, and still has commission options. Our other SIPP, which is part of our current Pension Portfolio, is RDR ready so we'll continue to grow that as our flagship offering in the platform market - this product is in no way affected by this change.

All of our customers will continue to receive the same service from us and do not need to make any changes. Advisers can make increments to the Aviva SIPP using adviser charging, rather than a commission basis."

 

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