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As you may be aware, the Pensions Authority have recently issued a statement setting out its expectations regarding Trustee governance and oversight in relation to One Member Arrangements (OMAs) arising from IORP II legislation. In light of this, Aviva has been actively engaging with Freedom Trust Services to review the position of our own OMAs (Aviva Executive Pension Plans).
While this work is ongoing, Aviva and Freedom Trust Services have taken the decision to pause accepting OMA business with effect from 1st July 2022. Aviva remains committed to providing retirement solutions for customers, including those for whom OMAs would be the clear solution, and we hope to be able to resume such business in the near future.
Please bear with us as we, along with the rest of the industry and policymakers, work through the current challenging regulatory environment for OMAs.
Existing Executive Pension Plans
Where your customer holds an existing Executive Pension Plan through Aviva, they can continue to make regular and single contributions to these arrangements.
Aviva Life & Pensions Ireland Designated Activity Company, is a private company limited by shares, registered in Ireland No. 165970. Registered office at Building 12, Cherrywood Business Park, Loughlinstown, Co. Dublin, D18 W2P5. Tel (01) 898 7950, www.aviva.ie
Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland.
