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Annuities

An annuity from Aviva might be for you, if you need:

  • A guaranteed regular income in retirement
  • An income for the rest of your life – no matter how long you live
  • The comfort of knowing the minimum income you will get

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FAQs

  • Expert advice
    from Aviva

    What is an annuity?

    An annuity is a regular income which is guaranteed to be paid for the rest of your life – no matter how long you live. You can buy an annuity using your pension fund or money you have from savings, investments or even an inheritance.

    An annuity provides you with an income in retirement, so can form an important part of your finances. Not shopping around could leave you financially disadvantaged, so ensure you get the best advice for your individual circumstances.

There are three types of annuity provided by Aviva:

  • Pension Annuity

    You might choose this if you want a guaranteed minimum income for life and you want to choose whether your income stays the same or increases each year.

  • With Profits Pension Annuity

    You might choose this if you want a guaranteed minimum income for life that offers growth potential and you accept that there is some risk involved. The level of your income can go up and down depending on the performance of your With Profits Pension Annuity and the anticipated bonus rate you choose.

  • Immediate Life Annuity

    You might choose this if you have money to invest from your savings or investments and you want a guaranteed income for life.

  • Your choice of annuity can depend on your financial circumstances, the value of your pension fund, your retirement expectations and, possibly, your health.

  • Don’t worry if you are still not sure which annuity is right for you. Give us a call to arrange an appointment with one of our advisers who will guide you through the different types of annuity available from Aviva.

  1. Normally, once you have bought your annuity your income won’t change. You can help protect your income against inflation by choosing a smaller income at the start, which will then increase each year
  2. If you choose a smaller income, you can choose to guarantee an income for up to 10 years
  3. If you choose a smaller income, you can choose to provide an income for your dependants
  4. You may qualify for a higher income if you have, or have previously had, certain medical conditions
  5. Most pensions let you take up to a quarter of your pension fund as a tax-free cash sum when you buy a pension annuity. This does reduce the amount you have available to buy an annuity and the income you will receive
  6. Our annuities are provided by Aviva, one of the UK’s leading life and pensions providers
  7. Aviva won Best Annuity Provider at the Moneywise Pension Awards in 2009
  8. Once you have purchased your annuity, you cannot cash it in or swap it for a different arrangement. In most cases, you won’t be able to change it, even if your circumstances change

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What can I do next?

By phone:
0845 045 0006

Find out more

What can I do next?

By phone:
0845 045 0006

 

Principality Building Society, Principality Buildings, Queen Street, Cardiff, CF10 1UA. Principality Building Society which is authorised and regulated by the Financial Services Authority (Authorisation No.155998), introduces only to Aviva Life Services UK Limited for life assurance, pensions and investments. Aviva Life Services UK Limited is also regulated by the Financial Services Authority.

Aviva Life & Pensions UK Limited. Registered in England No.3253947. 2 Rougier Street, York, YO90 1UU. Aviva Life & Pensions UK Limited is authorised and regulated by the Financial Services Authority. FSA Registration No. 185896. Member of the Association of British Insurers.