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Aviva to ditch four products ahead of RDR

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Aviva will axe four pension products at the end of November as it finalises preparations for the RDR.

The four products are the Aviva Sipp, Income Drawdown, Crystallised Pension Plan and Your Pension Protector.

All four will close to new business on 23 November.

A spokeswoman says the provider will remain active in the Sipp market through its Pension Portfolio offering.

She says: “In preparing for the RDR, we have 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 will continue to grow that as our flagship offering in the platform market. This product is in no way affected by this change.

“All 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 on a commission basis.”

Radcliffe & Newlands chartered financial planner Mel Kenny says: “I doubt the attractiveness of Aviva’s overall product offering will be affected by this.”

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