Frequently asked questions

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My pension fund

What is a defined benefits (eg final salary pension) scheme?

This is a pension scheme where the members are entitled to a certain level of pension benefit. It is defined by a formula which uses the member’s length of pensionable service in conjunction with their salary to help determine benefits upon retirement. A final salary pension scheme is probably the most common type of defined benefits pension scheme.

What is a defined contribution scheme?

This is a pension scheme that has an agreed contribution rate from either the employer, the employee or both. Contributions are known and agreed in advance. Each member has their own 'pot' of money in the scheme. By the time the employee retires, the size of the pension fund will depend on the payments into the scheme and the investment return on those payments. The value of your pension fund could be less than the amount paid in. Other considerations are the length of investment and the effect of any charges payable.

What is the state pension age?

This is the age at which you can begin to claim your state pension if you're entitled to one. State pension age can vary depending on your gender and when you were born. Visit http://pensions.direct.gov.uk/en/state-pension-age-calculator/home.asp to find out if and when you will be eligible for the state pension.

How do I know what state pension benefits I'm entitled to?

The Pension Service will contact you about three months before you reach the state pension age. They will ask you to fill in a form telling them whether you want to start taking your state pension and how often you want it to be paid.

You may also be entitled to other benefits. Visit the government website at www.direct.gov.uk or get in touch with your local benefits office to find out more.

What's the difference between protected rights and non-protected rights?

Protected rights are the value of the government's payments into your own pension arrangement. The money comes from National Insurance contributions you make above those needed for the basic State Pension. If you have contracted out of the State Earnings Related Pension Scheme (SERPS) or the State Second Pension, the government redirects your contributions to your personal pension instead.

Non-protected rights are the value of the payments that you and/or your employer make into your pension fund.

The difference between protected rights and non-protected rights is particularly apparent if you are married or in a civil partnership when you choose to take the benefits. Basically, in addition to your own pension income, you must use the protected rights element to provide an income for your spouse or civil partner if you die before them.

How do I get hold of my pension fund statements?

If you are an Aviva customer, you may be able to log in and see the current value of your pension fund at My Account. If you can't, please give us a call on 0800 533 5195 to ask for your current pension fund value. If you have a pension fund with another provider, please call them and ask for an up-to-date statement.

Why has my pension fund changed since I received my quote?

Your pension fund invests in different types of assets, such as equities, property, government bonds (gilts) and corporate bonds. This means that the value of your pension fund can go up and down in line with the performance of these assets, isn't guaranteed and you may not get back the amount paid in. If the value of the underlying assets goes up or down, so will the value of your pension fund. This may happen at any time, including the period between you receiving your quote and retiring.

When is it not right for me to put all of my pension funds together?

Combining your pension plans may not always be the best option. It may not be possible in some cases as you can't combine all types of pension plans. You should talk to a financial adviser if you have plans which:

• Allow you to have more than 25% tax-free cash sum
• Come from an occupation which expects you to retire early
• Contain a guaranteed minimum pension
• Offer a defined benefit pension (eg final salary pension) at retirement
• Have come from the pension plan of your late husband, wife or civil partner or as a result of a pension sharing order (divorce settlement)
• Already have set annuity rates promised, known as guaranteed annuity rates/options.

How do I combine my pension funds?

If you want to combine your pension funds to buy an annuity from us, simply tell us so on the application form. We will contact your pension providers and ask them to transfer the funds to us. You don't have to do anything yourself. See our FAQ on "When is it not right for me to put all of my pension funds together?".

Are there any penalties for transferring my fund to another provider?

Generally, there aren't any charges or penalties for transferring your pension fund to another provider. This depends on the type of pension plan you have, please speak to either your financial adviser or current provider for details of any charges/penalties which may be applied upon transfer.

Can I take my pension fund as a lump sum?

For most people, the answer is no. However, you can take your pension fund in a single lump sum in certain circumstances. The tax treatment will depend on which type of payment applies. Common examples of this are:

• If the combined total of all your pension funds is below a level set by the government - this is known as the triviality or commutation option
• If you are seriously ill and your doctor confirms that you have 12 months or less to live - this is known as a serious ill health lump sum

My pension fund is less than I thought. What are my options?

You can choose to work longer and continue paying into your pension fund. You may have other money that you could use or invest to help pay for your retirement. If you own your own home, you might like to consider equity release. If you are worried about the size of your pension fund, we recommend that you talk to a financial adviser. They will be able to help you identify what options you have and what the best course of action for you may be.

If you don't have an adviser, you can visit www.unbiased.co.uk or call us on 0800 068 4076. We can only give advice on products sold or marketed by Aviva.

What if I have a small pension fund?

If your pension fund is small, you may be able to take it all as a cash sum, rather than having to use it to buy an annuity. This is known as the triviality or commutation option. You have to be over the age of 60 and Aviva will only pay triviality up to the age of 75. The total value of all your pension(s), including those already being paid, has to be below 1% of the lifetime allowance limit set by HM Revenue & Customs. For the 2011/12 tax year, the lifetime allowance is £1.8m and the triviality allowance is £18,000. Up to 25% of any triviality payment is tax free, with the remainder being subject to tax in accordance with your PAYE rates. From 6 April 2012 the lifetime allowance limit is reducing from £1.8m to £1.5m (Source: Pension Advisory Service). Read our 'Can I retire after I'm 75?' FAQ for more information.

I've been made redundant. Can I release money from my pension fund?

You can only use your pension fund to provide an income in your retirement. You generally can't release it for any other purpose. This means that you usually can't release any money from your pension fund if you are below the earliest retirement age for your pension scheme. If you are over the earliest retirement age, you may be able to take your retirement benefits and use your pension fund to provide an income.

Annuities

How do I shop around?

You can ask any annuity provider to give you a quote for the amount of income they may give you. You need to tell them the size of your pension fund. If you have more than one fund, it may be worth combining them into one large fund, although this is not always possible. See our FAQ on "When is it not right for me to put all of my pension funds together?". You can either contact the annuity providers yourself or ask your financial adviser to get you some quotes. It's probably easier to get a financial adviser to help you shop around. Once you have the quotes, you can compare them and find the best deal for you. The quotes you receive from the annuity providers are usually only an indication of what you might receive, so check with each provider if the quote is guaranteed.

How do I choose what options I want?

Use the retirement income calculator to see what options are available to you and how they affect your income. The calculator explains the options it offers you and lets you choose whether you want to take them or not. You can generate more than one quote, so you can pick and choose different options and see what happens to your income. Some options will suit your circumstances better than others, so it's worth using the calculator to generate a number of quotes to compare. The quotes you receive are only an indication of what you could get and are not guaranteed. Just give us a call if you want to accept a quote you've generated using our retirement income calculator.

I'm happy with the quote I've received. What do I do next?

If you are happy with one of the quotes you have received with your pack, fill in and return the 'I want a retirement income from Aviva' form, telling us which option you want to take. If you want to combine pensions, please make sure you talk to a financial adviser before making a final decision.

I don't have an Aviva pension plan, can I still buy an annuity from you?

Yes, you can. If you decide to buy an annuity from us, we will ask your pension provider to send your pension fund to us, so you can buy your annuity.

What are single and joint life annuities?

A single life annuity will only cover you and stops when you die unless you have opted for a guaranteed period and you die within that period. A joint life annuity covers you and your spouse, civil partner or dependant. It will continue to pay an annuity to that person after you die.

Do I have to pay charges if I buy an annuity?

There are charges, but we allow for them in the annuity rate that we offer you, so you won't pay any extra charges once we have agreed the rate with you.

What is a guaranteed annuity rate?

A guaranteed annuity rate is a fixed rate at which you can convert your pension fund into an annuity. The rate is written into the terms and conditions of your pension policy at the start and guarantees a minimum rate. You can use the open market option to compare what your guaranteed annuity rate would provide against the rates available in the market when you come to buy an annuity. These guaranteed rates are often significantly higher that the rates available on the open market. This makes them a valuable part of your plan and worth considering if the annuity available suits your personal circumstances.

The guaranteed annuity rate is usually only available if you retire on your selected retirement date. So, if you choose to retire earlier or later than that date, you won't receive the guaranteed rate.

The guaranteed annuity rate normally only provides income for a single life, which means that you won't be able to provide an income for your spouse, civil partner or dependant. It also usually gives you a level income for the rest of your life, without the option to increase your income in later years.

What factors influence the level of income that I get from my annuity?

The amount you receive depends on:

• Your age
• The value of your pension fund
• Investment conditions
• Your marital status
• Your lifestyle and medical conditions
• Where you live
• The options you choose
• The adviser you choose.

If you are a member of a defined benefit pension scheme, your benefits will be calculated differently.

What are enhanced benefits?

Enhanced benefits can offer a higher income to people who are affected by certain medical and lifestyle conditions. If you or your spouse, civil partner or dependant suffer from or have suffered from any of a number of defined conditions, it's likely that you or they may not live as long. This means that your annuity will probably not have to stretch over as many years, so you can get a higher income. You will receive an income from your pension annuity with enhanced benefits for as long as you live. This income may continue after your death depending on the options you have chosen.

Which medical and lifestyle conditions do you consider for enhanced benefits?

You can find a list of the medical conditions we consider for enhanced benefits in the Enhanced Pension Annuity conditions list (PDF 70KB) (PDF 70KB).

My quote talks about a five or 10 year guarantee. What is this?

The five or 10 year guarantee is an option you can choose on your annuity. These options are available when the plan is setup and once selected cannot be changed. We will stop paying your annuity when you die unless you choose a guaranteed period and die during that time. If this happens, we will pay the amount owed to your estate until the end of the guaranteed period. This could be a lump sum or a continuation of income, depending on the options selected when you buy your annuity. This is separate to any income you have set up for your spouse, civil partner or dependant.

What are the benefits of guaranteeing my income payments?

If you guarantee your income payments and die within the guaranteed period, we'll pay the amount owed to your estate. This could be a lump sum or a continuation of income, depending on the options selected when you buy your annuity. If you don't guarantee your payments, we'll stop paying the income after your death.

What is the difference between inflation protected and escalating annuities?

The income from annuities that are protected against inflation will increase every year in line with the rate of inflation measured by the UK Retail Prices Index. In the event inflation falls, your income will remain at the existing level. With an escalating annuity, your income will increase by a set amount, usually 3% or 5% each year.

If I choose to increase in line with inflation, how is this measured?

We use the UK Retail Prices Index to measure inflation. The UK Retail Prices Index (RPI) is an official measure of inflation in the UK.

Can I receive my annuity yearly instead of monthly?

Yes. For most annuities, you can choose when you would like to receive the payment. You choose the frequency (monthly, quarterly, half-yearly or yearly) and whether it's paid in advance or in arrears. These options are available when the plan is setup and once selected cannot be changed.

Why is my initial income lower if I choose to have my payments increase?

Your initial income will be lower because we need to use more of your annuity to pay the higher income later on. You will receive income from your annuity for the rest of your life, so we need to make sure we will have enough money later on to cover the higher payments.

What happens to my annuity when I die?

This depends on what options you have chosen. If you haven't chosen for your income to continue after you die, we will stop paying the income.

Retirement options

Why do I need to budget?

When you retire, it's likely that you'll receive a fixed income. Budgeting will help you see how much of this money you need to cover your bills and how much is left over for other expenditure. It may also help you identify where you can make savings.

What is the Fixed Term Retirement Plan from Aviva?

It’s a retirement income plan from Aviva that doesn’t lock you in for life. It lets you take tax-free cash (if you haven't already), an income or both from your pension fund. It also gives you two investment options, each with a guarantee around what your plan will be worth at the maturity date. Depending on which investment option you choose, you can hold the plan for a minimum of five and a maximum of 10 years. You make all your choices at the start of the plan. You cannot cash-in at anytime and you can't make any changes during the term of the plan, even if your circumstances change. When the plan matures, you must use your remaining pension fund to buy another retirement product. Find out more about our Fixed Term Retirement Plan

What is income drawdown?

Also known as pension fund withdrawals, income drawdown is a way of taking an income from the money you've built up in your pension fund while still keeping it invested.

You can transfer money from any pension fund to an income drawdown plan. You need a minimum of £50,000 to set up the plan, but it's really only suitable for people with a pension fund of close to £100,000.

You can use the income you receive from an income drawdown plan to fully or partially retire. As your pension fund remains invested, you still have the potential for growth, free of UK income and capital gains tax. However, you must bear in mind that the value of your fund can go down as well as up and it's not guaranteed and you may not get back the amount paid in.

What is equity release?

Equity release is a way of releasing money that's tied up in your home, providing you with a cash lump sum.

You can continue to live in your home and use the money to enjoy a better retirement. Taking a lump sum, plus the costs, will reduce the value you have in your home and the amount of any inheritance you leave. Your entitlement to tax and welfare benefits may also be affected.

We offer two lifetime mortgages. There are restrictions on the age of applicants and property values. Please visit our dedicated equity release website to find out more. Lifetime mortgages are not available in the Channel Islands or the Isle of Man.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Is the lump sum I get from my home tax free?

Yes, you won't have to pay either UK income or capital gains tax on any money you release from your home. However, it's possible that the money will affect your tax position and any entitlement you have to means-tested benefits.

How do I know if I am suitable for equity release?

You can use our equity release eligibility calculator to get an idea of whether you're eligible for a lifetime mortgage. However, we strongly recommend that you talk to a professional financial adviser for a true view of whether a lifetime mortgage is suitable for you in your circumstances.

What types of annuity are available?

There are a number of annuities available to you. At Aviva, we offer a range of annuities that you can tailor to suit your personal circumstances:

• Pension Annuity: This is the most common type of annuity. Most people opt for this as it’s low risk, it’s guaranteed and it will pay you an income for the rest of your life.
• Pension Annuity with enhanced benefits: This type of annuity is the same as our Pension Annuity but it can pay a higher income if you and/or your dependant have (or have previously suffered from) certain medical conditions.
• With Profits Pension Annuity: This type of annuity allows you to link your income to the performance of our With-Profit Fund. It’s a higher risk than a conventional Pension Annuity but it gives you the potential for your income to grow. You need to remember that because your money is invested in the With-Profit Fund your income could also go down.
• Immediate Life Annuity: This type of annuity is purchased with your own money such as investments, savings and tax-free cash from your pension fund. It is a low risk option and will guarantee an income for the rest of your life.

Our Retirement Income Calculator provides quotes on our Pension Annuity and Pension Annuity with enhanced benefits.

Can I fill in my form and return it before my retirement date?

Yes, you can. We need some time to set up your payments, so it's better if you return your completed form before you retire. However, we need to use the actual value of your pension fund when you retire, so it's probably worth waiting until you're about two months from your retirement date to send in your forms.

If I decide I want to partially retire, will this affect my state benefits?

It may affect your state benefits. Contact your local benefits office or visit www.direct.gov.uk to find out more.

How do I retire later?

You must write to your pension provider and tell them your new retirement date. With Aviva the maximum retirement age you can select is 75. Read our 'Can I retire after I'm 75?' FAQ for more information.

Can I retire after I'm 75?

Yes because the government has changed some of the pension rules so you no longer have to use your pension fund to buy a retirement income or take a tax-free cash lump sum before you're 75.

If you want to wait until after you're 75 then you would have to take your money out of this plan and put it into a different plan that allows you to use your pension fund after age 75. You will need to do this before your 75th birthday.

What happens to my fund value if I choose to delay my retirement?

If you're invested in a unit-linked fund, the fund value can go up and down. The degree of fluctuation will depend on the type of fund you're invested in. If your money is in a high risk fund, the value is likely to fluctuate to a greater degree than if it was in a lower risk fund.

If you're invested in a with-profits fund, the value can go up and down. We may also apply a market value reduction if you delay your retirement and continue to invest in the fund.

If you're invested in a unit-linked fund or a with-profits fund then you may get back less than the amount paid in.

You should check with your financial adviser or pension provider about the implications of delaying your retirement before you make your final decision.

My information pack

What is the information pack and how can I get hold of one?

All pension providers send their pension customers a statement giving them the value of their pension fund as they approach retirement. The statement is usually accompanied by:

• Information on what you should do to convert your pension fund to an income
• An application form for an annuity
• General information on the options available to you when you retire.

At Aviva, we contact our pension customers five months before their retirement date and again two months before. If you have an Aviva pension plan and would like an information pack now, please call us on 0800 533 5195.

If you have a pension plan with another provider, call them and ask for information on retiring.

I don't understand the personal information form. Can you help me?

The personal information form is just a form that asks you to give us some information about yourself. The more we know, the more we can tailor our quote for a retirement income to your personal circumstances. The form asks you about your age, health and lifestyle. You should complete it as fully and accurately as possible. The first set of questions deal with your personal information, such as your name, address, date of birth and so on. We send out two types of forms. The one you receive will depend on what type of pension plan you have with us. The four page form asks for medical details for both yourself and your spouse, civil partner or dependant. You only need to fill in the information for a second person if you want to provide them with an income too.

Read the questions carefully and answer them in as much detail as possible. The more you can tell us, the more we can tailor your annuity to your situation. Some medical conditions may actually mean that you could get a higher level of income. Your doctor may be able to help you fill in some of the medical details.

If you are still having problems with the form, give us a call on 0800 533 5195 and one of our call centre staff will help you complete the form.

I haven't received a personal information form. How can I get hold of one?

Call us on 0800 533 5195 for a form.

Retirement Income Calculator

I don't have an Aviva pension plan. Can I still use the retirement income calculator?

Yes, you can. The calculator will ask if you have an Aviva pension plan, just click no, then fill in the section about any other pension funds you have.

Why is my online quote different to the one I received in my pack?

If you have used the retirement income calculator to get a quote, you may have picked different options from the options we selected for you when we generated the quote in your pack. You know best which options suit you, so feel free to play about with the calculator to see how your income can differ when you choose different options. Some of the options will reduce the amount of income you could have, but others may have no effect on the income. The quote may also be different because of changes to the value of your pension fund and investment conditions, or differences in the details used to produce the quote. Give us a call if you want some help.

Tax free cash

What is tax-free cash?

Tax-free cash is money you can take as a lump sum from your pension fund without having to pay tax on it. You can spend this money on anything you want. You can usually take up to 25% of your pension fund as tax-free cash, although this may not be the case for everyone. With Aviva this has to be taken by age 75. Read our 'Can I retire after I'm 75?' FAQ for more information. For example, lump sums from final salary schemes are calculated differently. For the vast majority of people, tax-free cash will be a feature of their pension plan, but you should check with your pension provider what the rules are for your pension fund. You should also bear in mind that taking tax-free cash reduces the amount you can use to provide an income during your retirement.

If you have more than one pension fund and have already taken tax-free cash from one of those funds, you won't be able to combine that fund with any other pension funds you have. We can give you a quote for each individual fund and you will be able to take tax-free cash from the funds that you haven't yet taken money from. You can also combine any funds that you haven't taken tax-free cash from and get a quote for these funds. It is not always possible to combine your pension funds, please see ‘When is it not right for me to put all of my pension funds together?' FAQ. If you have any questions about this or are unsure what to do, please talk to your financial adviser or call us on 0800 068 4076 to speak to one of our advisers. We can only offer advice on products sold and marketed by Aviva.

How does taking tax-free cash affect my pension fund?

You can normally take up to 25% of your pension fund as tax-free cash. Taking this money means that you have less in your pension fund to use to provide an income during your retirement. If you are worried about having a low income, you might want to consider taking less tax-free cash.

What do you mean by…?

What do you mean by shop around for the best rates?

Many people are tempted to simply buy an annuity from their pension provider. This might actually turn out to be the best deal for you, but, as with most other things, you might be able to get a better deal from another provider. Annuity providers may offer different rates for different types of annuity, so it's worth your while asking for quotes from a number of different companies. You don't lose anything by doing this and you may actually end up with a better income. You can ask a financial adviser to help you ask for quotes from a number of companies. This is known as the open market option.

What is the open market option?

Your pension plan includes an open market option, which basically means that you can buy an annuity from any pension provider; you don't have to stick with your existing pension provider. You can shop around to find the annuity that suits you best. Different providers will offer different annuity rates. Once you've bought an annuity, you're generally locked into that rate for the rest of your life and can't change it at a later date even if your circumstances change. So it makes sense to see who can offer you the best deal.

To shop around, you need to know:

• Your total pension fund value, including the value of any other plans you may have. You should also check whether or not you can combine them to provide a higher income
• The features you are interested in
• The amount of tax-free cash you can take.

Choosing the right annuity is one of the biggest financial decisions you will ever make, so we strongly recommend that you speak to a financial adviser before you make your final decision. They will be able to assess your personal situation and advise you on the best course of action for you. If you don't have a financial adviser, you can visit www.unbiased.co.uk or call us on 0800 068 4076. Please bear in mind that we can only give advice on products sold and marketed by Aviva.

What do you mean by an income from my pension plan?

Most people think that their pension fund will start paying them an income when they retire. This isn't true, unless you are in a defined benefits scheme. You must use your pension fund to buy another product - usually an annuity - that will pay you an income throughout your retirement.

What is triviality?

If your pension fund is small, you may be able to take it all as a cash sum rather than having to use it to buy an annuity. This is known as the triviality or commutation option. You have to be over the age of 60 and Aviva will only pay triviality up to the age of 75. The total value of all your pension funds, including those already being paid, has to be below 1% of the lifetime allowance limit set by HM Revenue & Customs. For the 2011/12 tax year, the limit is £18,000. From 6 April 2012 the lifetime allowance will reduce from £1.8m to £1.5m (Source: Pension Advisory Service). The first 25% of this amount can usually be taken tax-free and the remainder will be subject to income tax. Read our 'Can I retire after I'm 75?' FAQ for more information.

What is a lifetime allowance?

The lifetime allowance is a limit on the total amount of pension fund you can use for retirement benefits before extra tax applies. It is set by HM Revenue and Customs. The limit for the 2011/12 tax year is £1.8m. From 6 April 2012 the lifetime allowance will reduce to £1.5m (Source: Pension Advisory Service).

What is a market value reduction?

Market value reductions are a way of making sure that customers remaining in the With-Profit Fund are not disadvantaged when others leave.

A market value reduction is most likely to apply following a large or sustained fall in the stock market or when investment returns are below the level we would normally expect. We apply a market value reduction to make sure that all investors receive their fair share of the returns earned over the period of their investment. If one applies when you withdraw your money from the fund, it may mean that the value of your investment is lower than expected.

If you keep your money invested in the with-profit fund until the retirement date you originally chose or your death we will not apply a market value reduction. However, we may apply a market value reduction at your originally selected retirement date if any of the following apply:

• You started your plan within 5 years of your original retirement date
• You have made any new one-off investments or increased your regular contributions (except those automatic increases which have been agreed by us) within 5 years of your original retirement date
• You switched into the With-Profit Fund within 5 years of your original retirement date

Please refer to your policy terms and conditions for further details.

We can't guarantee the amount you will get back if you move out of the With-Profit Fund before or after your originally selected retirement date.

You can find further details about the With-Profit Fund and market value reductions in 'A guide to your with-profits investment and how we manage the fund - for customers investing through pensions', which is available at aviva.co.uk/savings-and-investments/with-profits/useful-guides.html.

What do you mean by dependant?

You can choose to provide an income for your dependant if you die before them. This may reduce your income. A dependant could be your spouse, civil partner or a financially dependent adult.

What do you mean by smoker status?

Here are the different definitions for each of the smoker statuses:

• Current smoker: Someone who smokes ten or more cigarettes a day (including hand rolled) and has done so for at least 10 years. This does not include anyone who smokes cigars or pipes or uses tobacco replacement products.
• Light smoker: Someone who smokes between one and nine cigarettes a day (including hand rolled), one or more cigars/pipes a day. This does not include anyone who uses tobacco replacement products.
• Non-smoker: Anyone who has never smoked, given up or doesn’t come under the two categories described above

Investments

How will inflation affect my savings and investments?

Inflation reduces the buying power of your money. This means that as inflation causes prices to rise, you will be able to buy less and less with the same amount of money. So, while you will still have your savings and investments, the money won't go as far as it once did.

Can I take a regular income from my investment to supplement my pension?

It depends on the type of investment you have. With collective investments, you can invest in a fund specifically designed to provide you with an income. You can also make regular withdrawals from some investments such as bonds, but you may have to pay tax on these withdrawals. You also have to remember that you may be eating into your original investment.

Legacy Planning

What is a will?

A will is a legal document in which you state what you would like to happen to your estate when you die. Your estate is all that you own in your sole name at the time of your death. This could include your house, money, investments, car, household and personal belongings. You can use your will to leave instructions on how your estate should be divided after you die. Your will may not cover possessions that you jointly own with another person as usually, these will automatically pass to the joint owner.

How do I make a will?

You can write your own will, but it's usually much easier and better to use a solicitor or a professional will-writer to draw up a will for you. This is likely to mean that your will has a more solid legal basis than if you do it yourself. If you don't have a solicitor, you can find a local one at www.unbiased.co.uk. You can also find more advice about wills at the Citizens Advice Bureau website.

Miscellaneous

What products are available to me and how do I avoid buying the wrong one?

You will be faced with a range of financial products when you come to convert your pension fund into an income. The most common of these is an annuity, which is simply a plan that pays you a regular income for the rest of your life, but you could also consider an income drawdown plan, or our retirement income plan the Fixed Term Retirement Plan If you have a large pension fund, you will have more options for converting it to an income than if you have a relatively small pension fund.

Buying an annuity is a big decision as you are generally locked into it once your income is up and running, you will not have the option to change your mind at a later date. For this reason, we strongly recommend that you talk to a financial adviser before you make any decisions. They will be able to talk you through all your options, assess your personal circumstances, your current and future needs, and recommend the best course of action for you.

If you don't have a financial adviser, you can visit www.unbiased.co.uk or call us on 0800 068 4076. Please bear in mind that we can only give advice on products sold and marketed by Aviva.

What is 'My account'?

'My account' is our online service for our existing customers. You can log into 'My account' to check your fund value and manage your personal details.

How do I find out more information about my tax code?

Contact your local tax office for your tax code. You may also be able to find this on your most recent payslip.

Is there a time limit on replying?

No, there isn't. The annuity rate we offer you in your quote isn't guaranteed, so if you don't reply, you should ask us for another quote at a later time. With Aviva, you must convert your pension fund into an income by your 75th birthday. Read our 'Can I retire after I'm 75?' FAQ for more information.

What is the inheritance tax threshold?

The inheritance tax threshold for 2011/2012 and 2012/2013 is £325,000 for a single person. Married couples and civil partners can pass property tax-free to their surviving partner when they die. When the second partner dies, their executors or representatives can also use their late partner’s inheritance tax allowance, so long as it wasn’t used when the first partner died. In the best case scenario, people who are married or in a civil partnership can leave as much as £650,000 after the second partner dies before inheritance tax is due.

WC04026 02/2012