Article date: 6 May 2010
Aviva - the retirement specialist - has launched an online retirement calculator aimed at customers. Based on a simple, graphic interface it’s designed to make it easier for customers to understand the annuity options available to them, and to calculate the income they may get from their pension fund.
For advisers, this is a useful resource to use with clients, giving them access to information about their retirement and a better understanding of the annuity options and retirement income available to them. Features include:
- Easy-to-use income calculator, showing income in retirement
- Enhanced annuity automatically calculated for eligible customers
- Ability to switch between annuity options and see the effect on income
- Redesigned web pages to help customers understand their five month and eight week retirement packs.
Darren Dicks, head of retirement at Aviva, said: “It is vital for customers to take an active role in their retirement to ensure they get the best value from their pension funds. Surveys show that 50% of people yet to retire do not understand annuities1 and 60% of people do not exercise their Open Market Option2. When you consider that there is a 20% difference between the best and the worst quote in the market, it underlines what a broken market this is.
“The development of the retirement income calculator is our next step in helping people have a better understanding of their retirement and the potential income they could receive.
“For advisers, it’s a resource they can suggest to customers to learn about their retirement, reducing the amount of time they may need to invest in an average £30,000 pension fund.”
The new retirement income calculator only takes around 10 minutes to complete and is supported by a full suite of web pages, aimed at making it easier for customers to understand their coming retirement.
The retirement income calculator is available via www.aviva.co.uk/annuities.
1 Annuities UK 2009, Mintel
2 Annuities UK 2009, Mintel
Telephone: 01904 452828 / 07800 699526
Notes to editors:
- Aviva is the world’s fifth largest* insurance group, serving 53 million customers across Europe, North America and Asia Pacific
- Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion at 31 December 2009
- We are the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe
- Aviva’s life and pensions business in the UK has a total market share of 10.3%** and a leading position in its key markets of savings, protection and annuities.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive
- For broadcast-standard video, please visit www.aviva.com/media/video.
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* based on gross worldwide premiums at 31 December 2008
** Source: ABI data released March 2010