Aviva workplace pension funds

allondon

I have 2 workplace pension funds that were acquired by Aviva years ago (one starting with F and another with TK). Both were managed online and I took out 25% tax-free money from both. At some point Aviva informed me that "as I am approaching the retirement age" they were moving my investments into the different funds. These funds have been their worst performers in recent years, however Aviva took the ability to research and manage the investments online away from me (when I asked about it, their reasons have been vague and conflicting). Each fund is dealt with by completely different teams (even the complaints), therefore it takes unreasonable time to try and get anything from Aviva over the phone. In my view, by overwriting my investment choices and removing my ability to manage the funds, Aviva became de-facto the fund manager and T&Cs of my policies have changed. The only positive outcome of my complaints to Aviva was getting a list of the alternative funds for one of the policies (not for another). They do have some well performing funds but I've been stuck with their choices. Is it worth escalating the complaint to Financial Ombudsman or Pension Ombudsman? Has anyone had positive experience with Aviva workplace pension funds?

flaneurs_lobster

Not clear (at least to me) what the nature of your complaint is.

If functionality to choose alternative funds to those chosen by default was not an option with Aviva then you could have moved your pension(s) to a provider that did give this functionality (notwithstanding any difference in fees).

ali_bear

I had two Aviva policies, transferred the older one into the other, no problems.

You should be able to take out a third (new) scheme with Aviva and transfer both into that without any serious trouble or delay. Then you'll just have to choose from the 1000's of funds available

Marcon

allondon said:

They do have some well performing funds but I've been stuck with their choices. Is it worth escalating the complaint to Financial Ombudsman or Pension Ombudsman? Has anyone had positive experience with Aviva workplace pension funds?

What are you alleging: poor investment advice (they've not given any advice, so not one for the Financial Ombudsman) or maladministration (again, there's nothing in your post to suggest there has been any maladministration, so not one for the Pensions Ombudsman)?

dunstonh

I have 2 workplace pension funds that were acquired by Aviva years ago (one starting with F and another with TK). Both were managed online and I took out 25% tax-free money from both. 

TK makes it an ex Norwich Union plan.   F is most commonly used with Friends Provdent plans  Fxxx/xxxxx

These funds have been their worst performers in recent years,

Gilts and bonds suffered their worst period in over 100 years between 2021 and 2023.   However, that doesnt matter if your intention is to buy an annuity - which is what lifestyling is set up to target on these plans.

however Aviva took the ability to research and manage the investments online away from me (when I asked about it, their reasons have been vague and conflicting).

Ex Friends Provident plans were removed but Aviva TK plans should still be available.   Both will take instructions by other means.

Each fund is dealt with by completely different teams (even the complaints), therefore it takes unreasonable time to try and get anything from Aviva over the phone. 

That is because one is ex Norwich Union and the other is ex Friends Provident.   They operate on different systems out of different locations as Aviva hasn't brought them together yet (expensive, time consuming and would involve the regulator)

In my view, by overwriting my investment choices and removing my ability to manage the funds, Aviva became de-facto the fund manager and T&Cs of my policies have changed.

Nope. You are wrong.  None of the T&C has changed, and you still have investment choices and the ability to self-select from their range.   Lifestyling is an option (usually the default) and they are just following what you or your adviser (or employer if ex employee plans) put in place at the start, assuming you made no changes since then.

Is it worth escalating the complaint to Financial Ombudsman or Pension Ombudsman? 

On what basis?     You would effectively be complaining that you lack knowledge and understanding but that isn't Aviva's fault. 

MeteredOut

OP, what retirement age do you have set on your pensions? It sounds like your pensions are set up within a lifestyling portfolio, which moves your investments into more defensive funds/bonds as you approach that age. Your product documentation will have told you that.