When you're ready to retire, your pension savings won't automatically pay you an income. Currently you need to use these savings to buy a retirement income product, and buying an annuity is one of your options.
An annuity gives you a guaranteed income for life when you retire. You'll know how much your annuity income will be throughout your retirement, helping you budget and plan for your future.
In March 2014, the Chancellor announced that from 6th April 2015 (subject to legislation) you'll have much more flexibility around what you can do with your pension fund.
You'll be free to take your money out of your pension and invest it, or spend it, however you choose. You'll have options for investing your money, and some may be more risky than others. But if you're looking for a guaranteed and regular income for life, an annuity could still be a retirement option worth considering.
Buying an annuity is an important once in a lifetime decision because once you've bought one, you can't usually change your mind or cash it in, even if your circumstances change. Aviva is a retirement specialist and currently over 750,000 people have trusted us to help them turn their pension fund into a retirement income.
We understand that an annuity won't suit everyone, there's lots of information available on this website to help you understand more about annuities and their specific risks and benefits - alternatively you can call us and speak to one of our team of specialists to find out more.
Remember, you can buy your annuity from any provider - it doesn't have to be from the people you have your pension plan or fund with. The amount of income you'll get from your annuity will vary between insurance companies, so it's well worth comparing different options before you decide.
Please note, we can't offer financial advice, but if you feel you need advice and you don't have a financial adviser already, we can refer you to a carefully selected independent financial advice company. Alternatively, if you would like to select your own independent financial adviser, you can visit www.unbiased.co.uk to find an adviser in your area.
For information about annuities call us on 0808 256 5442. Or you can arrange for us to call you back at a time that suits you.
Savings and retirement
Unsure about what you need for your retirement? You'll find information to help you sort out your retirement finances in our section on Savings and retirement
Call our UK based team of retirement specialists FREE
0800 068 3038
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Or, arrange for us to call you back at a convenient time.
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