Aviva annuities, “Your income, your choice”.

An annuity is a way of providing a regular income for the rest of your life or a fixed period of time. In most cases, you would use your pension fund to buy an annuity - except for an immediate annuity, such as the Aviva Immediate Life Annuity, which you buy with your own money and not pension funds. You can arrange your annuity to suit your own particular needs by choosing from a range of options or ancillary benefits.

You may, for example, consider it important that your income stays in line with inflation (the Retail Prices Index) so your pension purchasing power doesn’t reduce over time or that your spouse or dependants receive an income if you die. It is very important to consider your needs carefully because any options that you choose to add will reduce the initial amount of income that you receive and your annuity can't be changed once you've purchased it. This is why it is sensible to speak with an Independent Financial (IFA), particularly an annuity advisor specialist IFA such as Annuity Arrow, to ensure you purchase the annuity product that best matches your needs and that you get the highest annuity rate possible.

You can buy your annuity from any annuity provider - and it certainly doesn't have to be with the company you saved your pension with. The amount of income you receive from your annuity will vary between different insurance companies, a bit like where you shop round for insurance, so it’s a good idea to do some comparisons before making your decision. Contact Annuity Arrow, who will perform the annuity rate comparisons on your behalf.