The table below shows the performance of the investment funds available in the 12 months to 30 September 2023 and over a 5 year period.

It also shows the Annual Management Charge (AMC). You can find full details of the investment charges and costs, as well as guidance and fund factsheets, on oneday...

Depending on when you joined the Scheme and how your contributions are invested, the performance of your funds may differ. You can see how your investments are performing by visiting your Personal Account with Aviva Personal Account with Aviva.

The performance figures below are after charges have been deducted.

*The five year investment performance information for the Climate-focused Fund is not available as this fund was introduced less than five years ago.

The performance data is net of fees, except for the Emerging Markets Equity Fund, the Stewardship Fund and the Shariah Fund.

Investment commentary

As a result of political and economic instability, increased inflation and the cost of living crisis, there has been increased volatility in investment markets. Some funds have experienced negative performance over the one and/or five year periods, which means their value has fallen. You will only be invested in these funds if you have chosen to do so. Most members are invested in the default investment strategy, which invests in funds that have performed positively over the one and five year periods.

Focus on the Annuity Funds

Volatility in investment markets and associated increases in interest rates have meant that the price of units in annuity funds have fallen.

As a reminder, for those who have chosen to invest in either of the two Annuity Funds, the aim of these funds is to try to avoid large fluctuations in your pension pot and to keep pace with the cost of buying an annuity at retirement.

For most, pensions are long-term savings, and it’s important not to be too concerned or make hasty decisions based on short-term volatility. The Trustee encourages you to focus on ensuring your investments continue to be aligned to your own circumstances, priorities and long-term plans, including how long you have until you retire and the type of benefit you wish to take at retirement.

Change to Aviva Global Equity Fund

In September 2023, Aviva introduced a custom screen on the existing benchmarks of some funds. This was introduced to exclude certain companies, which are involved in activities that aren’t in line with Aviva’s ethical policy, from their investment portfolio. Aviva believe this change will benefit investors in the long term. The Aviva Global Equity Fund is one of the funds offered in the Scheme that has been impacted by this change. If you’re invested in this fund, any one off cost would be payable from your fund as a result of this change. Aviva estimated that the one-off costs would be no more than 0.04% of the fund value. At the time of publication, any one off-cost was expected to be processed at the end of November 2023.

Climate-focused Fund

As part of the annual investment review it was identified that the funds annual management fee had seen a 0.03% over charge applied since inception in January 2022. If you made an active decision to invest in this fund, it has been corrected and a unit adjustment has been applied to your account to put you in the correct position with no financial impact to your investment fund. If you have any questions, you should contact Aviva directly.