Aviva to axe four products including its SIPP

Aviva is to axe four products to new business, including its self-invested personal pension (SIPP), blaming duplication in the product range for the move.

The other products that will be closed to new business are Income Drawdown, the Crystallised Pension Plan and Your Pension Protector. Although the products will be closed on 23 November this year, the company said clients will still have access to SIPP and income drawdown functionality through the Aviva Pension Portfolio product. Existing clients will be unaffected by the move with the same functionality offered on all products - including adding top ups. With regards to adviser charging, the company won't pay commission on increments to existing policies on these product unless...