Changing TRA during lifestyling phase

FrugalFredi

My Aviva pension fund was 4 years into a 5 Year Lifestyle profile when I changed the TRA from 60 to 64. I received a letter confirming the new TRA and another indicating funds would be re-balanced. This was in August 2022, but nothing seems to have happened and the current fund split is identical to the July 2022 allocation. I've raised a query with Aviva but their initial response says everything is fine.

Should the fund allocation split have been shifted back to the appropriate point in the lifestyle profile (i.e. shifted back 4 years) or do policies vary?

TIA.

HeyYeah

I have 4 dc pensions and each have a different approach to lifestyling. The best thing to do is try and get their documentation and have a look, or phone and ask them.

Marcon

FrugalFredi said:

My Aviva pension fund was 4 years into a 5 Year Lifestyle profile when I changed the TRA from 60 to 64. I received a letter confirming the new TRA and another indicating funds would be re-balanced. This was in August 2022, but nothing seems to have happened and the current fund split is identical to the July 2022 allocation. I've raised a query with Aviva but their initial response says everything is fine.

Should the fund allocation split have been shifted back to the appropriate point in the lifestyle profile (i.e. shifted back 4 years) or do policies vary?

TIA.

Depends entirely on the terms of the particular contract/lifestyling option you are in with Aviva. Not the easiest or most enthralling reading, but you need to have a look online and/or at the paperwork you have and see how it operates in this case.

FrugalFredi

Thanks for your responses, I have now asked for a copy of the lifestyle policy documentation.

What's confused me is their August letter, which says...
"As you have added the 5 year lifestyle profile, we are due to re-balance your funds on 3 August 2022 to bring them in line with this new investment profile. From this date a proportion of your fund holdings will be moved into different funds".

This led me to think the profile was being restarted and the funds re-balanced appropriately, but that's not Aviva's interpretation.

I will wait now for the documentation. Thanks all.

sgx2000

This is interesting
I asked a similar related question recently
I am 63 with an Aviva pension set to pay at 65...
Given the state of investment returns at the moment, i was going to tell Av iva that my new retirement age was 70.
Hoping that this would rebalance the funds to a pre-lifestyling approach.....
Please keep us up to date with the Aviva reply....
Oh!  And did Aviva sugest there would be fees/charges associated