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Pension Annuity

A Pension Annuity provides you with a guaranteed income for the rest of your life. It is bought using money from your pension fund and is a low risk option. You may be entitled to a higher income depending on certain health or lifestyle conditions. You can buy a Pension Annuity with Aviva providing you have at least £10,000 remaining after any tax free cash is taken and any adviser charge is paid.

What are the benefits?

  • Guaranteed income. It promises to pay you a regular income for life, so it's a low risk option.
  • Income choice. You can receive your annuity income monthly, quarterly, half-yearly or annually. Payments can be 'in advance' (from the start date) or 'in arrears' (at your chosen payment interval after the start date).
  • You may get a higher income if you don't have a clean bill of health or you have (or have previously had) one of a range of medical conditions affecting your health or longevity. You may also be eligible if you have lifestyle conditions such as you smoke or are overweight. Check out our list of conditions normally covered (PDF 70KB).
  • No reduction in income. Once started, your annuity income will not go down, even if your health, or your spouses health, if applicable, improves.
  • Our Pension annuity comes with a one year guarantee and value protection as standard. You can choose to extend your guarantee period along with other options.

Things to think about

  • Depending on how long you live you may get back less than you bought your annuity for.
  • No cash-in value. Once you've bought an annuity it cannot be cashed in at any time.
  • What happens to your annuity when you die?

    If you die within the first 90 days of the date your plan starts, and any dependant named on the policy dies before you, Value Protection will apply and a lump sum will be payable to your estate.

    If you die after 90 days but within your guarantee period, payments will continue until the end of the guarantee period. These will be paid to your estate or dependant on the policy.

    If you have chosen for an income to be paid to a dependant and they are still alive, agreed payments will be made to them.

    Please see your terms and conditions or contact your financial adviser for further information and exclusions which may apply to the above.

    If you don't have a financial adviser you can find one near you at www.unbiased.co.uk.

  • Changing your plan. The options you choose at the start of your plan can't be changed.

Your options

You can:

  • Choose whether you receive the same amount each year, or your payments start off smaller, but increase either by a fixed percentage, typically 3% or 5%, or in line with inflation.
  • Choose from a number of options which determine the level of regular income you will receive. Read more about the different options.

Pension Annuity Calculator

Find out how much income you could get from your pension fund and understand the different annuity options available with our Pension Annuity Calculator. Remember to include any lifestyle or medical conditions - you could qualify for higher income.

Get a quote right away

Already decided that a Pension Annuity is right for you? If you don't have any lifestyle or medical conditions to tell us about, use our handy Quick Quote Tool to find out instantly how much income you could get.

How to apply

If our Pension Annuity seems right for you, or for further information, call us on 0800 068 3038 *. If you have a financial adviser please contact them directly.

Read the key features of a Pension Annuity (PDF 114KB)

Lines are open Monday to Friday 9.00am - 5.00pm Calls may be recorded and/or monitored.

WC01042 10/2014

Contact us

For new policy enquiries or information on our products please call

0800 068 3038

Monday to Friday
9.00am - 5.00pm

For our joint protection, telephone calls may be recorded and/or monitored.

Or, arrange for us to call you back at a convenient time.

Existing Customers

If you are an existing Annuities customer, please call

0800 068 6800

Monday to Friday
8.30am - 5.30pm
Saturday
8.30am - 2.00pm

For our joint protection, telephone calls may be recorded and/or monitored

MyAviva

Register for our new online service to:

  • Check your annuity details online
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  • Enjoy exclusive rewards and competitions