A guaranteed regular income for life with a choice of payment options. A higher income may be available for those who have certain lifestyle conditions, impaired health conditions or have previously suffered from certain medical conditions.
Here are some of the features of our Pension Annuity plans.

  • Easy for clients to buy - they can use funds from all UK registered pension schemes including contracted out benefits. 
  • Range of options can help you to tailor it to individual client requirements.
  • Clients can choose to have their income monthly, quarterly, half-yearly or yearly.
  • Offers a choice of income payments – same amount each year or increasing each year by either a fixed percentage or in line with the rate of inflation. 
  • More health conditions covered than ever before so more of your clients could receive a higher income. 
  • Even if the client is fine, but their spouse or dependant has a health condition, they could still get our higher rates if they are including benefits for them too. 
  • No need for a medical to be done, we can quote from a common quote request form. 
  • Option to pay an income to a surviving dependant when client dies.
  • Clients can choose to guarantee income payments for a fixed period from outset, even if they die within this time.
  • For further information please refer to the Pension Annuity Key Features (pdf) document.

Here are some of the facts you need to know about our Pension Annuity plan.

Product Details

Criteria Min/Max Detail Notes
Age Limits Min age 55
 

An earlier age may be allowed if your client is retiring through ill health or where the annuity is being bought for a dependant following the death of a member of a pension scheme (minimum age for recipient is 20).

 

Max age      90

For payments from full fund Transfers and Open Market Option  

Term Min term None

Income is paid for life

Payment Limits Min payment to start plan £10,000 After taking any tax-free lump sums.
Max payment to start plan No maximum
 		 For pension fund sizes over £1,000,000  please contact your usual Aviva Consultant.
Here are the commission and charges for our Pension Annuity plan.

Charges

There are no additional charges for clients to pay. All charges for setting up and running our Pension Annuity are taken from the fund used to buy it and taken into account when setting the income level of the annuity.

 

Commission

1.0% plus uplift or 1.5% plus uplift when clients' plan takes into account health and lifestyle conditions
Rebating in 5% steps is allowed

Here is some information to help you to decide if our Pension Annuity plan is right for your client.

 Designed for customers who  Not designed for customers who
  • Are typically aged between 55 and 90
  • Want a regular income for life
  • Want a product with no investment risk
  • Have a maturing pension fund of at least £10,000 after tax-free cash to purchase the annuity
  • May want to consolidate multiple pension pots.
  • Want greater flexibility over the level of income and are willing to accept the additional risk this may involve
  • Want to continue paying into their pension scheme.
  • May want the option to change their income arrangements in the future, as they cannot change or cash in their Pension Annuity, even if their personal circumstances change.

  • Belong to company scheme with benefits based on salary (defined benefit). 
 Key considerations  Possible alternatives
  • Life expectancy
  • Health/lifestyle
  • Size of investment available
  • Dependants
  • Whether guaranteed annuity options exist on the pension policy

  • Income drawdown
  • Other forms of non-pension savings and investments.

Here are some examples of the support we offer you on our Pension Annuity plans.

Client information

 

We have dedicated material for you to give to your clients.


We have a wide range of support staff available to help you, view our contact details to find that right number that meets your needs.

WA12001 06/2011

Related documents

For Adviser use only. This information has not been approved for use with customers.

Aviva Life Services UK Limited.
Registered in England No 2403746. 2 Rougier Street, York, YO90 1UU.
Aviva Life Services UK Limited is authorised and regulated by the Financial Services Authority. FSA Registration No 145452
www.aviva.co.uk