What annuities can do for you
An annuity pays you a guaranteed income for the rest of your life. You can buy one with a lump sum, usually from your pension.
Guaranteed income for life
Receive regular income payments, no matter how long you live
Individually calculated
Your income quote is based on your personal circumstances
Range of options
There are plenty of different annuities designed to suit particular needs
Get to grips with annuities
How does an annuity work?
An annuity will provide a guaranteed, regular and taxable income for the rest of your life. An annuity can provide certainty that you’ll receive a predictable amount, much like a salary, and it won’t run out, no matter how long you live.
How is an annuity calculated?
There are several factors that will affect the income you can receive, including your age, health, where you live and the size of your pension or lump sum.
What happens to your annuity when you die?
Generally, because an annuity is only designed to pay an income to you while you’re alive, payments will stop when you die. This does mean that if you don’t live for long after buying an annuity you could get back less than you paid for it.
Most annuities have guarantees availiable, through which your dependants will get some money back if you die within an initial period, plus you may have the option to provide for a spouse, partner or other dependant.
Annuities we offer
We offer 3 different annuities. All offer an income for life, but they work in different ways to suit particular needs.
Pension Annuity
The most popular choice, our Pension Annuity gives you a guaranteed income for the rest of your life and takes into consideration your health and lifestyle when calculating your income.
With-Profits Pension Annuity
Our With Profits Pension Annuity gives you a regular income for the rest of your life, but the income changes in line with investment returns. You can only buy this product through a financial adviser.
Immediate Life Annuity
Similar to our Pension Annuity, our Immediate Life Annuity is not bought using your pension, but with savings, investments or an inheritance. You can only buy this product through a financial adviser.
Things to consider before applying
An annuity is just one of your options for using your pension savings and it’s not the right choice for everyone. There are some things you need to be aware of.
- Once an annuity is set up, you can't usually make any changes to it or get back any of the lump sum you used to buy it with
- All annuity payments stop when you die unless you’ve chosen a protection option that pays a spouse, partner or other dependant
- Depending on how long you live, you may get back less from an annuity than you paid for it
- You don’t need to buy an annuity from your pension provider. It’s a good idea to shop around to make sure you get the right deal for you
Pension Annuity calculator
Use our annuity calculator to get a quote for a guaranteed income.
Financial advice
If you’re not sure whether an annuity is right for you, or how to make the best use of your pension options, you might want to talk to a financial adviser.
Pension Wise
This government service offers free and impartial guidance on your retirement options, either over the phone or face-to-face.

Options for using your pension
Find out more about the retirement options we offer and compare your options.
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
Product provided by: 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.
Aviva UK Digital Limited introduces to Aviva Life & Pensions UK Limited for annuities. Aviva UK Digital Limited is registered in England No. 09766150. Registered office: St Helen's, 1 Undershaft, London EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 728985.