Aviva lifts restrictions on property fund withdrawals
Aviva has lifted restrictions on withdrawals from its Unit-Linked Property Fund (Life and Pensions).
The group introduced restrictions on surrenders, switches and transfers from the fund in January, following what was described as “a difficult period in the UK commercial property market”.
At the time, Standard Life, Scottish Widows and AXA made similar arrangements.
The move meant that requests from Aviva’s investors could be deferred for up to a maximum of six months.
However, from today, customers can surrender, switch or transfer investments “in line with normal business practice”.
The insurer’s marketing director, David Barral, says the group introduced deferred withdrawals “to safeguard the interests of all investors in what was an extremely difficult time”.
He adds: “With improving conditions in the commercial property market, Aviva is now confident that current cash levels are sustainable.”
Category: Aviva News, Insurance News
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