In April 2025, the assets in your Defined Contribution Pension Account were transferred to the Aviva Master Trust. Now the transfer is complete, you no longer have DC pension savings in the VWGPS and your Pension Account within the Scheme has been closed.
If you previously had Defined Contribution (DC) pension savings in the Volkswagen Group Pension Scheme (VWGPS) your DC pension is now held and managed outside the Scheme.
If you were employed by VW Financial Services you will be a member of: VWFSRSP – The VWFS Retirement Savings Plan (VWFSRSP)
If you were employed by VW Group you will be a member of: Volkswagen Group – The Volkswagen Investment Pension Plan (VIPP)
If you were employed by Bentley you will be a member of: Bentley – The Bentley Pension Plan (BPP)
The Trustee has worked with Aviva and Barnett Waddingham to offer members the opportunity to participate in what’s known as a ‘switchback’ facility at retirement. Please note Switchback is only available to VWG and VWFS members.
Prior to the move to the Aviva Master Trust, members of DB Section can use their DC benefits in the VWGPS as the first port of call to provide tax-free cash at retirement. This would mean members could use less (or could possibly not need to use any) of their DB section benefits to provide a tax-free cash sum from the DB section of the VWGPS.
It’s been agreed by the Trustee, Barnett Waddingham and Aviva that once you reach retirement, if you want to use the option to take your tax-free cash from your plan held in the Aviva Mater Trust, Aviva will allow you to transfer part of your DC Account back into the VWGPS to provide all, or some of your tax-free lump sum on retirement, before having to exchange any of your DB section pension rights for this purpose.
When the time comes for you to take your DB benefits, Barnett Waddingham will write to you giving you the option to transfer your DC pension savings from the Aviva Master Trust back into the DB section of the VWGPS. You can then use this to provide your tax-free cash lump sum. More information on the process will be provided to you as you approach retirement.
No, you can take your benefits within the DB section of the VWGPS separately to your Account in the Aviva Master Trust. But it’s important for you to consider all the options available to you before making a decision.
Using the switchback facility to fund tax-free cash sum benefits is one of several options available to you in drawing your benefits from the VWGPS. You might want to consult a regulated financial adviser to help you make decisions in relation to your retirement benefits.
Neither the Trustee, Barnett Waddingham nor Aviva can give your personal investment, tax, or financial advice. If you feel you need further guidance, we strongly recommend that you speak to a regulated financial adviser.
The MyAviva app allows you to manage your Aviva Account in a secure environment, 24 hours a day, seven days a week. Aviva can also be contacted using the following details:
