What is our Guaranteed Fixed Term Income Plan?
Our Guaranteed Fixed Term Income Plan, also known as a fixed term annuity, offers a way to receive a regular income from your pension savings over a set period chosen by you – with the option of a guaranteed lump sum at the end.
How does it work?
You invest a lump sum from your pension savings, and in return, you can choose:
What are the benefits?
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Guaranteed income
No surprises, just steady payments. Get your payments when you want them – choose from monthly, every 3 months, every 6 months or once a year.
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Flexibility at retirement
Take your lump sum, buy another fixed-term plan or explore other options like lifetime annuities or drawdown.
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Protect your income against inflation
You can now choose to protect your income against inflation, by choosing to have a fixed amount of escalation or increase the escalation in line with retail price index
Is the plan right for me?
Our Guaranteed Fixed Term Income Plan could be a good fit if:
It’s important to remember that different annuity providers offer different rates and options. Shopping around can help you find the annuity best suited to your circumstances, or the one that will pay you the highest income.
Things to consider
Income is taxable – it’s treated like regular earnings, and the guaranteed maturity value will also be liable for tax
Taking income triggers the Money Purchase Annual Allowance (MPAA) – you’ll be limited to £10,000/year in future pension contributions
No investment growth – your income and maturity value are fixed from the start
You can’t transfer the plan – it will stay with Aviva
Your plan can’t be changed once it starts – but if your circumstances change, you may have the option to exit early and cash in
No death benefits – death benefits can be added to the policy, they don’t come as standard
Tax benefits depend on individual circumstances and are subject to change.
Ready to get started?
You can get free, impartial guidance on your retirement options from the government-backed Pension Wise from MoneyHelper.
An independent financial adviser will give you advice based on your own individual circumstances, and help you buy one of our annuities if you decide to do so. An adviser will charge you for advice.
Independent Adviser
If you'd like to find your own financial adviser, Unbiased.co.uk offers a convenient platform to find one in your local area, enabling you to make informed decisions with confidence.
Aviva financial advice
An adviser from the Aviva Financial Advice Team can guide you on all your financial planning options.
Aviva Life & Pensions UK Limited. Registered in England and Wales No. 3253947. Registered office: Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number: 185896.