Retirement age change

sgx2000

Hi All
I am 62

If I change my retirement age with aviva.... will it incur any fees?
And,  are they likely to adjust the phased investments?

trevjl

I did that with my work DC with Aviva, just a click of the mouse. thats it.
Yes the % in the funds changed.

sgx2000

Thanks Trevjl

Where there charges associated with the change of fund amounts?

trevjl

I changed mine to the same as my SP age as basically they had put it under the mattress when i approached 60 as I as I have a DB at 65 it was too conservative for me.

these were the % after i changed, I can't compare with prior as I changed from the company lifestyle funds at the same time.
Not charges involved.

Pat38493

Worth noting that if your pension is in a lifestyle fund where the investments are de-risked as you approach retirement age, quite often the changes are geared towards an assumption that you want to purchase a lifelong annuity when you reach retirement.  Most people don’t do that anymore and therefor the default changes might be too conservative for your situation - with checking with them.

sgx2000

Thanks for the repies...

I (probably like everyone approaching retirement)  have been concerned with both the drop in pension value and whether my pension fund (Aviva phased) is correct for me.

I do wonder if Aviva have adjusted the way they approach the way phasing is done (allowing for most people opting for drawdown)

Albermarle

sgx2000 said:

Thanks for the repies...

I (probably like everyone approaching retirement)  have been concerned with both the drop in pension value and whether my pension fund (Aviva phased) is correct for me.

I do wonder if Aviva have adjusted the way they approach the way phasing is done (allowing for most people opting for drawdown)

I am pretty sure they will have more than one lifestyle/phasing strategy .
At the very least one for those planning to buy an annuity, and one for those planning drawdown, and probably a couple of others ( such as for someone planning a limited time drawdown of a few years). You need to check you are in the right one as I have no idea what the default option is. 

trevjl

I am pretty sure they will have more than one lifestyle/phasing strategy .
At the very least one for those planning to buy an annuity, and one for those planning drawdown, and probably a couple of others

Looking at mine, they have 5 options.
Target Drawdown
target cash Lump Sum
Target annuity
stewardship lifestyle approach
Future focus lifestyle

no idea what the last two are !

sgx2000

My Annual Review (Dec 22)
Doesn't name my pension anywhere...?
But I do seem to remember it as 'Future focus lifestyle')     err.... Possibly....
This is a workplace pension....

My last annual review says ....

"Your investment choices You’re in the Phased Switching Universal (?). This means we make the investment decisions so you don’t have to.  (so Managed?)
Fund switch start date 25 March 2020 (NPR)"  (so already started....)

This is where your money is currently invested:

Fund name                                         Fund value
Series6 Av Corporate Bond S6           £2,290.41
Series6 Av BR EuropnEqty IndTrS6    £1,802.76
Series6 Av BR 50:50 GloEqIndTrS6    £12,309.49
Series6 Av UK Equity Income S6       £3,029.15
Series6 Av StwtInvAsiaPacLdSustS6  £1,836.01
Series6 Av M&G Optimal Income S6   £2,432.51
Series6 Av AXA Fram Ameri Grth S6   £5,669.24
Series6 Av JPM Emerging Market S6   £1,522.12
Series6 Av BNY Global Income S6      £4,226.92
Series6 Av MFFocConsolidation S6    £38,296.40
Total fund value £73,415.01 (now 77k)

Also - "You’re in the Phased Switching Universal. This means we make the investment decisions so you don’t have"
(so Managed?)

I can go online and change the individual funds, but there does not appear to be a way to change the whole pension to a less 'de-risked' pension

trevjl

Not sure about which you would class as de-risked out of those 5 if you have the same choices but you or I can anyway, change them. Do you have this button under "How your pension is invested"

sgx2000

Thanks for this Trevjl

I will have a look.....