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Aviva Wrap scraps initial charges

Aviva is scrapping the 0.5 per cent initial charge on its wrap for new and existing customers.

The move to scrap the initial charge has been made on a permanent basis and applies to regular and single premiums.

Aviva calculates that a typical saver investing £50,000 will save £250, while a regular premium saver investing £500 a month will save £30 a year over the life of their investments.

Head of individual pensions and platform Nicholas Burton says: “We think that this kind of transparency is important. It is a rarity to give existing customers the same changes in pricing structures that new customers are offered. Permanently removing the initial charge demonstrates that we take our commitment to existing customers seriously.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. I see Aviva is scrapping its 0.5% initial charge on its wrap for new and existing customers.Is this the best this company can do.It has made a fortune from its new and existing customers.We want our charges to be slashed dramatically to bring them in line with our US and European counterparts,not a lot to ask.Time to reward your customers not insult them.

  2. Lesley – the initial charge has been reduced by 100% is that not slashed dramatically – if you feel it isn’t that big a cut – then you can’t consider it a big charge in the first place.

  3. Anon-What about all the other charges?Why does Aviva and the rest of its competitors not quote the TER on every product.It is mandatory in the United States why not in the UK?

  4. “Aviva calculates that a typical saver investing £50,000 will save £250, while a regular premium saver investing £500 a month will save £30 a year over the life of their investments.”

    I wonder how many actuarys they had to employ to work that out? £50,000 x 0.5% = £250. £500 x 12 x 0.5% = £30. Clever people indeed.

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