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Pension Annuity

What are the options?

The options you choose when you take out your Pension Annuity will affect the amount of pension income you'll get. Generally, the more options you add, the lower your income in retirement will be. You can get a personal illustration, which shows the difference the various options would make to your pension income.

What are the options?

  • Level income. You'll receive an income, which will be paid at the same level for the rest of your life.
  • Escalating income. Your pension will increase by a fixed percentage each year for the rest of your life.
  • Inflation-proof income. Your pension will increase in line with inflation (as measured by the Retail Prices Index) each year for the rest of your life.
  • Dependant's pension. You can choose a dependant to continue to receive an income after you die and also choose whether this is paid at the same level as your pension income or lower.
  • Guaranteed period. Aviva offers a minimum one year guarantee period as standard, however you can choose a longer guarantee period of up to 10 years. If you die after 90 days but within your guarantee period, we will continue to make annuity payments to your estate or dependants until the end of that period. However, this does not apply if your annuity was purchased for you by the trustees of a defined benefit pension scheme.
  • Payment options. Your income can be paid monthly, quarterly, half-yearly or yearly, either:
    • In advance. This means that payment of your pension income will be from the start date.
    • In arrears. This means that payment will be one month, quarter, half-year or year after the start date, depending on your chosen payment frequency.
    • Or by chosen start date. If you decide to be paid monthly, you can choose to have your pension income paid on a certain date each month - the first payment must be within one month of the start date of the plan.

How to apply

If you think that our Pension Annuity is right for you, find out more about how to apply. If you need help deciding which annuity or options are most suitable for you, or you'd like information on other providers' products, you should talk to a financial adviser. If you don't already have an adviser, you can find one in your area at www.unbiased.co.uk

Want more help?

Our team will be happy to give you a personal illustration with different options so that you can see the difference they make to your pension income.

Call us on 0800 068 3038*

*Lines are open Monday to Friday 8.30am - 7.00pm, Saturday 9.00am - 5.00pm. Calls may be recorded and/or monitored.

WC01027 04/2014

Contact us

For new policy enquiries or information on our products please call

0800 068 3038

Monday to Friday
9.00am - 6.00pm
Saturday
9.00am - 2.00pm
Sunday
Closed

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
  • Access great offers on Aviva products
  • Enjoy exclusive rewards and competitions

Not ready to retire?

Why not leave your details and we'll contact you nearer the time?