What do you need to do?
We received the third capital payment from Aviva on 16 May 2022 and are now calculating your clients’ share of the money and paying it into their policies:
- If you already advised us of an instruction for where to invest the capital payments from Aviva, then we're paying it into that fund and no further action is needed.
- If we didn’t get an instruction from you, we’re paying it into the Phoenix Wealth Legal & General Property Trust fund.
- We’re also moving to this fund any payments that we previously put into the Phoenix Wealth Money Market fund.
We wrote to customers in February 2022 to let them know about the change of default fund. Take a look at the template customer letters here.
If you wish to switch to a different fund, then please tell us as soon as possible.
For non self-invested policies
- Please use My requests on online services to send us your instructions and choose the Non-standard fund switch/redirect drop-down option. This is the quickest way – here's how.
- If you’re not registered for online services, please send us your instruction by emailing us at drawdown@phoenixwealth.co.uk or write to us at: Phoenix Wealth, PO Box 1393, Peterborough, PET 2TP
For self-invested policies:
- We need your instructions to be on company headed paper and signed by the adviser named on the policy. For clarity, please specify “I’d like you to pay my client’s share of the Aviva Investors Property fund sale proceeds into [fund name of your choice]” and include the policy number. Please scan and email them to us at isd@sipp-phoenixwealth.co.uk.
What happens next?
We will continue to update this 'News and views' section of our website, as and when Aviva release further investments. Please check back regularly for any further updates.
-
About the fund closure: more information can be found on the Aviva Investors website, although bear in mind their information is aimed at clients investing directly in the fund and won't all be relevant.
-
Fund research: you can find details of alternative funds and the Phoenix Wealth Legal & General Property Trust fund, including performance and a factsheet through our fund information centre.
-
Clients’ existing fund portfolios: you can view the funds your clients are invested in online. To do this, you’ll need to be registered for our online services. Registering is easy:
- For non self-invested policies, just visit our registration page here.
- For self-invested policies, visit our registration page here.
-
About the previous capital payments: you can find a reminder of the:
- First capital payment in our news article here.
- Second capital payment in our news article here.
You can also contact us - we’re here from 8.30am to 5.30 pm, Monday to Friday.