Aviva has introduced a new retirement income product, the Guaranteed Fixed Term Income Plan, which provides a guaranteed income over a fixed term of 3 to 25 years. This product offers clients greater control over their pension savings and allows them to reassess their retirement strategy at the end of the term without requiring a lifetime commitment. The plan is designed to meet the needs of today’s retirees who value stability and flexibility, and is part of Aviva’s existing annuity proposition range.
According to a joint report by Aviva and Age UK, 83% of respondents feel that having a regular income in retirement is more important as they get older, with women more likely to feel this way than men. The report also highlights the importance of maintaining income patterns that people are accustomed to, with 83% saying they worry about a sudden drop in income. Aviva’s Director of Individual Annuities, Claire Reed, stated that the new plan gives people the confidence of knowing exactly what’s coming in and when, while offering flexibility to decide what’s next.
The Guaranteed Fixed Term Income Plan is part of Aviva’s strategic transformation programme, which focuses on delivering an exceptional adviser and customer experience through technology-driven innovation. The plan is available via a new platform that features a fully digital quote and apply journey for advisers, simplifying the end-to-end process. Aviva’s continued investment in annuity innovation and technology reflects its ongoing support for customers and advisers as they navigate modern retirement.
The new plan complements Aviva’s existing annuity range, which includes Fixed Term annuities and Lifetime Care annuities. These products are designed to support clients through every stage of retirement, from early flexibility to later-life security. With the launch of the Guaranteed Fixed Term Income Plan, Aviva is evolving what retirement income can look like, providing people with greater control and flexibility over their pension savings.
The Guaranteed Fixed Term Income Plan is a response to the changing retirement landscape, where people are living longer and need more flexible and secure income options. The plan’s fixed term and guaranteed income provide a predictable income stream, shielding clients against market volatility and helping with budgeting. Overall, Aviva’s new plan offers a flexible solution for retirees seeking a secure income stream while retaining the freedom to reassess their retirement strategy at the end of the term.