Pension annuity

Get a guaranteed income for life

What is an annuity?

If you want help to pay for the basics in retirement, or are worried that your pension money won't last as long as you need it, then our annuity could be for you.

You can buy an annuity from the age of 55 onwards and it will give you a taxable guaranteed income for life - like a regular salary. Think of it as insurance for your retirement.

Up to 25% tax free

You can take up to 25% of your pension as tax-free cash before buying an annuity

Higher income

You may get an enhanced annuity if you have a medical condition that affects your life expectancy

Quick quote

A simple phone call is all it takes to find out how much we could pay you

How we calculate your annuity rate

How much income we’ll pay you – or your 'annuity rate' – depends on a number of factors like the size of your pension, which benefits you choose, your age, health and more.

For example, you could get a higher income from your annuity if you buy it when you're older, as we will be making fewer payments. But you still may get less in total than if we had started paying you sooner. 

If you’d like to learn more about how annuity rates are covered, our article on annuity rates covers everything from how much you could get every year to how you can potentially increase your income.

Would you like an estimate of how much we could pay you? Our Annuity Calculator will give you an idea of how much guaranteed income you could get.

Try our annuity rate calculator

Answer a few questions and we’ll estimate your guaranteed income.

Calculate your annuity income

What you’ll get with our annuity

Once you take our annuity, you can expect all this.

  • Guaranteed income for life
    We'll pay you an income for as long as you live
  • Secure choice
    Your payments will never go down and your income will never run out
  • A higher income if you're in poor health
    You could get a higher income from an enhanced annuity if you have certain medical conditions or lifestyle factors when you buy
  • 100% FSCS backing
    Every single penny of your income is protected by the Financial Services Compensation Scheme
  • Up to 25% tax free
    You can take up to 25% of your pension tax-free before you buy your annuity. Tax rules depend on your individual circumstances and may be subject to change in the future
  • No surprise fees or charges
    We take into account all fees when working out your income – there are no hidden charges
  • Support someone close to you
    After you pass away, your guaranteed income can go to a partner, child under 23 or someone who's dependent on you because of their disabilities

Personalise your annuity

You can adapt your annuity to suit your personal needs:

  • We can pay you the same amount for the rest of your life or you can have the payments increase by 3%  every year
  • You can add a guarantee to ensure your annuity pays you for a minimum of five or ten years after your annuity starts, even if you pass away within the guarantee period
  • Up to 100% of your income can be paid to your partner after you die

We take all your requirements into account when calculating your annuity rate as the options you choose can affect your income. Our annuity calculator includes several options for you to find out how much we could pay you.

Compare your retirement options

This is a basic comparison and does not include all options or considerations.

Be sure to understand what your provider offers and shop around to find the best option for you.

  Pension annuity
 Flexible income (drawdown)
 Take it all in cash
 Leave it where it is
Can your money run out?
 No Yes
 Yes N/A
Can you set up regular payments?
 Yes
 Yes
 No N/A
Will it provide a guaranteed income for life?
 Yes
 No
 No
 N/A
Can you vary how much income you take?
 No
 Yes
 N/A
 N/A
Can you change your options later and use your pension differently?
 No
 Yes No
 Yes

Apply in three simple steps

Discover how you can get a guaranteed income through an annuity. 

Step 1

Give us a call

You'll speak to one of our friendly annuity experts. They'll ask you simple questions like your age, height, whether you have any medical conditions and so on.  

 

Step 2

Get a quote

Our annuity expert will use the information you provide to tell you exactly how much we'll pay you for the rest of your life. 

Step 3

We pay you for the rest of your life

Spend it as you wish – it's yours to use as you see fit. And we’ll pay a lump sum or income to a partner or dependent after you pass away if you set your annuity up to do so.

How much could you get?

You can add a partner, health condition and more to your annuity calculation.

Find how much you could be paid

Before you call us

You must be between 55 and 90-years-old and a UK mainland resident to buy an annuity from Aviva. And there are some important things you need to be aware of:

  • If your pension is with another provider, you need at least £10,000 in your pension after any tax-free cash is taken out and any adviser fees have been paid. However, there's no minimum if you have a pension with Aviva
  • Once your annuity is set up you can't make any changes to it or get back the pension lump sum you bought it with
  • Because our standard annuity only pays an income while you're alive, you may get back less from your annuity than you pay for it
  • You're likely to pay income tax on the money you get from an annuity, so you should factor this into your calculations of what you'll receive. The amount of tax you'll pay depends on your individual circumstances
  • There are different annuities to choose from and the rates they offer can vary. Shop around to make sure you get the best deal for your situation and speak to a financial adviser before you apply

Call us to apply

We'll give you a quote for an annuity based on your circumstances.

Already saving into our pension?

0800 029 4010

Monday to Friday: 9:00am - 5:00pm

Pension with a different provider?

0800 068 3038

Monday to Friday: 9:00am - 5:00pm

Alternatively you can login to your MyAviva account.

For our joint protection, telephone calls may be recorded and/or monitored and will be saved for a minimum of five years. Calls are free from UK landlines and mobiles

Important – annuity key features

Before you apply for our annuity, you should read and understand all the details in our 'Key Features' document.

Pension Annuity Key Features

PDF (220 kB)

How could our annuity help you?

You can customise our annuity to suit your personal needs. Here's a couple of examples.

Susan's higher income could allow her to pay for private healthcare

Susan has diabetes. She told us about her condition and we were able to offer her an annuity with an enhanced income. As well as dealing with her daily expenses, she can now potentially afford private check-ups at her local hospital to help with her diabetes.

David wants help for his family too

As the main breadwinner of the house, David's biggest fear is his family will struggle should anything happen to him. So he chooses to buy an annuity that pays 100% of its income to his partner should he pass away. He feels better knowing his guaranteed income will help his loved ones too.1

1Examples created for promotional purposes.

Pension guidance and financial advice

If you need help deciding whether an annuity is right for you, our pension guidance might help get you on the right path. Or you could consider speaking to a financial adviser – since their advice is personalised, there's usually a charge. We can only recommend Aviva products, but we can review any pension for you.

Pension guidance Our financial advice

Pension Wise

This government service offers free and impartial guidance on your retirement options, either over the phone or face to face.

Visit Pension Wise

pension wise

Other ways to use your money

In most cases, from age 55 you have a range of options for your pension. Check your full options here.

Mix and match your retirement options

Choosing a few retirement options (rather than just one) could help you get the retirement lifestyle you're after.

Choose a few retirement options

Taking all your pension in cash

See the impact of withdrawing your pension money as one lump sum – and what you can do instead.

More on taking a lump sum

Flexible income

Income drawdown puts you in control by letting you withdraw as much of your pension as you like - whenever you want.

Explore flexible income

Leave your money where it is for now

Not touching your money right away could make a difference to the size of your pension pot.

See what could happen to your pot

Pension annuity articles

Take a look at our helpful articles and guides.

When do annuities make sense?

Annuities can provide a stable income for your retirement, but they aren’t the only option. Find out if they’re the right choice for you.

Make sense of it all

How annuity rates are calculated

Annuities give you a guaranteed income for the rest of your life. But exactly how much could you get?

Find out more

Contact us

Give us a call to talk about an income for life.

0800 029 4010

Monday to Friday: 9:00am - 5:00pm

For our joint protection, telephone calls may be recorded and/or monitored and will be saved for a minimum of 5 years. Calls to 0800 numbers from UK landlines and mobiles are free.

Aviva Life & Pensions UK Limited. Registered in England 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.