Aviva UK Property fund payment

We can confirm that we’ve now received a third payment from Aviva, which we’ll pass on to affected customers shortly.

If you’re one of these customers, you’ll get a letter from us in late June or early July to tell you how much you received and which replacement fund it was invested in.

Customers whose Old Mutual Wealth policies ended between August and October last year, while still invested in the Aviva UK Property Fund, will receive a direct payment instead.

What’s the background to this?

Aviva announced the closure of the Aviva UK Property Fund last year at which point they suspended the fund.  We wrote to affected customers at the time to let them know what was happening.

After they suspended the fund, Aviva began selling the properties that the fund was invested in so they could release investors’ money. They’ve since been able to make two separate payments to us (ReAssure), which we passed on to our affected customers – we wrote again when these payments were made.

We’re now letting you know about a third payment.

Is this the last payment from Aviva?

Although most of the money from the Aviva Property Fund has been released, we expect there will be at least one more payment from Aviva. When this happens, we’ll write again with details.

How does this affect what I can do with my policy?

If you’re an affected customer, some of your money is still invested in the Aviva UK Property Fund – even after this latest payment. This means there are still some restrictions on the things you can do with your policy. See the list below for more details:

Things that are not affected:

• Regular withdrawals that are already in place
• Regular fund switching activity that’s already in place (life styling for example)
• Pre-planned payments to you at a preselected date (policy maturity for example)
• Claims on death or illness
• Regular policy reviews

Things that might be affected:

• One-off withdrawal requests (including pension transfers)
• Changes to regular contributions
• Changes to regular withdrawals
• Fund switch and redirection requests

If you’re interested in doing any of the things that might be affected, please call us and we’ll confirm exactly what you can and can’t do.

Where can I go to get help?

We recommend you get independent professional advice from a Financial Adviser if you’re unsure what to do. A Financial Adviser can make a personal recommendation based on your individual circumstances and the options available to you. If you don’t have an adviser, you can find one at www.unbiased.co.uk. You may have to pay for any advice you receive.