Australia: 1 July - Bring it on!

Aviva today declared its readiness for the major superannuation legislative changes coming into effect on 1 July.

Allan Griffiths, chief executive officer Aviva Australia, said: "We are just completing our final testing and will be ready to switch over to the new rules for 1 July.

"Our industry leading technology¹ and the investment we have made in our systems provide us with a high degree of flexibility," he said.

"This will be demonstrated over the weekend of 30 June/1 July when we will implement complete system and operational changes to accommodate the legislative changes."

Aviva will launch new account-based pensions from 1 July. Account-based pensions offer greater payment flexibility than allocated pensions, with lower minimum limits and no maximum limits (except for Transition to Retirement pensions). Existing allocated pensions will automatically convert to account-based pensions to give customers the benefits of this new flexibility.

In addition, Aviva expects a further boost to its growth pensions before they close to new business from 20 September 2007. New developments and investment list enhancements, where applicable, will still be carried across to the growth pensions after that date.

"Aviva was the first to market with a growth pension product and this change is a demonstration of our ability to constantly evolve our products to deliver the best outcomes to advisers and their clients," Allan said.

"For the end of June changeover weekend, we will open our state offices on ‘Super Saturday' 30 June to give customers an extended opportunity to take advantage of superannuation opportunities. There can be no better demonstration of the flexibility and robustness of our systems, processes and work practices," he said.

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¹Ranked number one for online transactions for the third year in a row in Investment Trends report 2006.

For further information please contact:
Tim Cobb
General Manager Marketing and Public Relations
Phone: (03) 9829 8509
Mobile: 0418 529 387

Notes to editors:

• Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
• Aviva is one of the leading providers of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2005.
• Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
• The information in this document reflects the understanding of Aviva Australia Holdings Limited (ABN 38 095 045 784) and its related entities of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Aviva, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.