Pension Annuity

A Pension Annuity provides you with a guaranteed income for the rest of your life. It is bought using money from your pension fund and can be a low risk option. You may be entitled to a higher income depending on certain health or lifestyle conditions. You can buy a Pension Annuity with Aviva providing you have at least £10,000 remaining after any tax free cash is taken and any adviser charge is paid.

What are the benefits?

  • Guaranteed income. It promises to pay you a regular income for life.
  • Income choice. You can receive your annuity income monthly, quarterly, half-yearly or annually. Payments can be 'in advance' (from the start date) or 'in arrears' (at your chosen payment interval after the start date).
  • You may get a higher income if you don't have a clean bill of health or you have (or have previously had) one of a range of medical conditions affecting your health or longevity. You may also be eligible if you have lifestyle conditions such as you smoke or are overweight.
  • No reduction in income. Once started, your annuity income will not go down, even if your health, or your spouse’s health, if applicable, improves.
  • Our Pension Annuity comes with a one year guarantee and 90 day value protection as standard. You can choose to extend your guaranteed period or value protection along with other options.

Things to think about

  • Depending on how long you live you may get back less than you bought your annuity for.
  • No cash-in value. Once you've bought an annuity it cannot be cashed in at any time.
  • Charges which apply. We take our charges into account when we work out your income. More information can be found in the key features document.
  • Tax. Payments from your Pension Annuity will be taxed as earned income.
  • What happens to your annuity when you die?

    If you die within the first 90 days of the date your plan starts, Value Protection will apply and a lump sum will be payable to your estate. If you have a dependant named on the policy, Value Protection will apply if you both die within the first 90 days and will be payable to the estate of the last one of you to die.

    If you die after 90 days but within your guarantee period, payments will continue until the end of the guarantee period. These will be paid to your estate or dependant on the policy.

    If you have chosen for an income to be paid to a dependant and they are still alive, agreed payments will be made to them.

    Please see your terms and conditions or contact your financial adviser for further information and exclusions which may apply to the above.

  • Changing your plan. The options you choose at the start of your plan can't be changed.

Your options

You can:

Pension Annuity Calculator

Using factual information provided by you, this easy-to-use calculator produces figures based on Aviva’s Pension Annuity product and some of the options it can offer. For information about all of our annuity’s options, you should see our Pension Annuity​.

Please be aware that the calculator isn’t intended to provide personalised advice or give personal recommendations

Calculate your retirement income

Next steps

For more information

Call us on

0800 533 5195

Lines are open:

Monday to Friday, 9.00am - 5.00pm

Calls are free from UK landlines and mobile phones. For our joint protection, telephone calls may be recorded and/or monitored.

If you are unsure whether a product or service is suitable for you, you should seek financial advice. For more information about getting personalised financial advice, visit our financial advice page.

Pension Wise

Pension Wise has been set up by the government and offers free and impartial guidance for people retiring with defined contribution pensions. It will help you understand what your choices are and how they work.

You'll be able to get help on the Pension Wise website, over the phone or face to face.

If you are approaching retirement we recommend you get guidance or advice to help you understand your options.

For more information

If you’re new to Aviva

0808 256 2601

Lines are open:

Monday to Friday, 9.00am - 5.00pm

Or if you’re already a customer

0800 533 5195

Please be aware this line is very busy at the moment, we are doing all we can to answer your call.

Lines are open Monday to Friday, 9am-5pm.

Calls are free from UK landlines and mobile phones. For our joint protection, telephone calls may be recorded and/or monitored.

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.

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.

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