Aviva has launched a guaranteed fixed-term annuity, an addition to its retirement income portfolio, designed to offer clients “greater control of how they manage their pension savings”.
The guaranteed fixed-term income plan is an annuity proposition that provides a guaranteed income over a fixed term, between three and 25 years, without requiring a lifetime commitment.
Aviva said: “It is aimed at individuals seeking a secure income stream, while retaining the freedom to reassess their retirement strategy at the end of the term.”
The new annuity also “complements” Aviva’s existing proposition 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”.
Aviva launched the annuity after the publication of Retirement Reality: Managing Money in Mid-Retirement, a joint report by Aviva and Age UK in May 2025.
The report found 83% feel having a regular income in retirement has become more important as they get older, with women more likely to feel this way than men (87% vs 80%).
It also highlighted the importance of maintaining income patterns that people have become accustomed to throughout their working lives, as 83% said they were used to managing a regular household income and would worry if it suddenly dropped.
Aviva director of individual annuities Claire Reed said: “At Aviva, we’re evolving what retirement income can look like, and our new guaranteed fixed-term income plan gives people the confidence of knowing exactly what’s coming in and when — something many are used to during their working lives — while offering the flexibility to decide what’s next.
“Aviva’s continued investment in annuity innovation and technology reflects our ongoing support for customers and advisers as they navigate modern retirement.”
The guaranteed fixed-term income plan is part of Aviva’s strategic transformation programme for its annuity business, focused on delivering an “exceptional” adviser and customer experience.
The proposition is available via a new platform that features a fully digital quote and apply journey for advisers, “simplifying the end-to-end process”.
In August 2025, Aviva announced a 22% rise in operating profit to £1.07bn for the first half of 2025, supported by strong momentum in its capital-light businesses and resilient general insurance performance.
Two-thirds of the group’s operating profit now comes from areas such as wealth, health and general insurance.
However, it also announced retirement sales of £2.95bn which were 3% lower, reflecting subdued market activity in bulk purchase annuities (BPA), with sales at £2bn compared with £2.3bn in the same period last year.
