Article date: 15 May 2010
Shopping around can help retirees boost retirement income by 20%
Innovations make it easier for customers.
Aviva is continuing its groundbreaking approach to the UK’s retirement market with a high-profile marketing campaign, including TV advertising. Launching 16 May, the campaign is designed to encourage consumers to take action at retirement, shop around for their annuity, and boost their retirement income by up to 20%.
The new TV advert features top comedian Paul Whitehouse visiting a number of dilapidated houses in France, in search of the ideal home. It highlights the familiar benefits of shopping around to get the best deal on a property - and draws a parallel to shopping around to get the best deal on an annuity. The TV advertising is part of an integrated campaign including press and on-line marketing activity.
Clive Bolton, ‘at retirement’ director for Aviva says: “Today’s retirees have high hopes for their retirement, whether they dream of moving abroad, travelling the world, or spending more time with friends and family. To make the most of their later years however, it’s crucial that individuals maximise their retirement income, so we’re doing everything we can to make sure our customers get the best possible deal.
“Whether it’s through the keen pricing we use to provide great deals for customers, our new on-line retirement income calculator or our user-friendly website, we are setting out to demystify this market and make it work harder for customers.
“We know that 50% of those approaching retirement don’t understand annuities* and as a result only 40%* bother to shop around and get the best rate. This partly comes from a lack of understanding, so we are working to make it simpler for customers. There’s also a lack of awareness of the issue overall, so we’re hitting that head on with our new campaign.”
People thinking about purchasing an annuity are advised to speak to an independent financial adviser, contact Aviva on 0800 068 3038 or visit www.aviva.co.uk/retirement.
Telephone: 01904 684128 / 07800 695673
Telephone: 01904 452828 / 07800 699526
Notes to editors:
* Annuities UK 2009, Mintel
An annuity is an insurance policy that provides a guaranteed lifetime income for people who have retired. People with personal pensions are obliged to use much of their pension fund to buy an annuity. The open market option allows people to shop around for the best annuity rate.
Images from the TV adverts are available on request.
- 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/.
- Follow us on twitter: www.twitter.com/avivaplc.
* based on gross worldwide premiums at 31 December 2008
** Source: ABI data released March 2010