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Aviva mulls advising clients on final-salary pension transfers

Aviva Plc is considering adding a service to advise people on whether to give up final-salary pensions, the Financial Times reported May 29.

According to Andy Briggs, CEO of Aviva's U.K. business, the insurer may add the service to the advice business it started in 2016 for people who are about to retire.

The FT noted that the process of exchanging final-salary schemes for a lump sum is controversial as it leaves pensioners at risk of running out of money.

Briggs said Aviva would benefit by people shifting assets to the insurer.

He said any advice on pension transfers would be based on comparing the final-salary scheme income to the amount of money the customer might make by investing the lump sum.