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 of money
  • 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
  • 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 or your estate 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 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: 9:00 - 17:00

Pension with a different provider?

0800 068 3038

Monday to Friday: 9:00 - 17:00

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 to 0800 numbers from UK landlines and mobiles are free.

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 1.

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.

Financial advice

Make sure you speak to a financial adviser before you apply. Their advice may come at an additional cost, but they can help you decide if this is right for you.

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

Want a guaranteed income for life and flexible access to money when you need it? You can combine the different options to suit your needs.

More on mix and match

Taking it all in cash

You could take all of your pension as cash in one go. You may find this gives you more control over your money, but there are some things you should be aware of first.

How to take your pension in cash

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

Approaching 55 but don't want to take your pension straight away? Find out what happens to your money when you leave it where it is and withdraw it later on.

More on leaving your pension where it is

Retirement articles

Take a look at our library of helpful articles and guides.

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Need a helping hand with your finances?

Financial guidance is free and helps you understand what you could do with your money.

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Stop your pension from running out early

Before taking an income from your pension pot, make sure there's enough in there to see you through retirement.

Stay on top of your pension pot

What is equity release?

Equity release is a big financial commitment, so understanding what it would mean for you and your family is really important.

Understanding equity release

Pensions for the self-employed

Don’t let saving for your future slip any further down your priority list: here’s what you need to know about paying into a pension if you’re self-employed.

What you need to know

Is it ever too late to start saving?

No matter your age, with a workplace pension you'll benefit from a tax-free lump sum and maybe even employer contributions.

See how to save even more

Busting those equity release myths

There are a lot of ifs and buts surrounding our equity release product. We're here to help you separate the facts from the fiction.

Bust those myths

Find your lost pensions

Keeping track of pensions from jobs gone by can be tricky. But pinning down those lost pensions may make it easier when you’re retirement planning.

Track your pensions

Thinking about taking an income from your personal or workplace pension?

We look at the things to consider before you take your money from your personal or workplace pension, including the potential impact of coronavirus on your pension fund.

Read more

The pandemic and your workplace pension

If you’re wondering what the coronavirus pandemic could mean for your workplace pension, read on.

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Has lockdown affected your monthly budget?

Lockdown has brought many changes to our lives, but how has it changed your spending and saving habits?

Read more

Understanding your pension statement

What’s in your pension statement and how often is comes will all depend on the type of pension you have.

Get to know your statement

Pension scams to look out for

With so many scammers around, there are things you can look out for to keep your hard-earned pension money safe.

Spot the scams

Understanding inheritance tax

Planning what to leave your loved ones? See if you can reduce any inheritance tax that may be due.

Get to grips with inheritance tax

Are you paying more tax than you need to?

There are practical things you can do to reduce your tax bill to make year-end tax planning much less taxing.

Get tips on tax

Investing in property to fund retirement

Food for thought if you’re considering renting out a property to fund your retirement or you’re already a private landlord.

More on renting properties

Contact us

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

0800 029 4010

Monday to Friday: 9:00 - 17:00

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