Aviva announced it was retail distribution (RDR) ready in September when it was able to facilitate initial adviser charging on annuities and retirement plans, bonds, personal pensions, group personal pensions and on the Aviva wrap
It will not be administering ongoing adviser charging for bonds and adviser charging on legacy products will only be facilitated on personal pensions and the wrap.
Existing pension products will either have a reduced annual management charge or an increased allocation rate.
It will offer adviser charging on its personal pension and will also allow it on top-ups and increases on income drawdown and its Your Pension Select @ Aviva and Commercial Union Pension plans.
Group personal pensions will have consultancy charging functionality and will also allow flexibility for an individual within the group to turn on adviser charging. Aviva will continue to provide commission on pre-RDR schemes.
With annuities, Aviva will offer both factory gate pricing and adviser charging. Its pension annuity, with-profit annuity, immediate life annuity and fixed-term retirement plan will all offer adviser charging.
Aviva will not offer adviser charging on collectives because it expects this will be mostly done through platforms.
Aviva is also set to close four products that will not be ready for the RDR on 23 November: the Aviva Sipp, Income Drawdown, Crystallised Pension Plan, Your Pension Protector. The company will continue to service the four closed products.