Aviva has today announced the launch of its Guaranteed Fixed Term Income Plan, a new addition to its retirement income portfolio, designed to offer clients greater control of how they manage their pension savings.
The new annuity proposition provides a guaranteed income over a fixed term – between 3 and 25 years - without requiring a lifetime commitment. 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 offering complements Aviva’s existing annuity proposition range, which includes a comprehensive suite, from a Fixed Term annuity, through to Lifetime Care annuities. These products are designed to support clients through every stage of retirement — from early flexibility to later-life security.
A Flexible Solution for a Changing Retirement Landscape
The Guaranteed Fixed Term Income Plan is designed to meet the needs of today’s retirees, who increasingly value stability and flexibility through a low-commitment, predictable income, for a set period, helping with budgeting and shielding them against market volatility.
Recent insights from Retirement Reality: Managing Money in Mid-Retirement (May 2025), a joint report by Aviva and Age UK, reinforce this trend. The report reveals that most respondents (83%) feel that 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% v 80%). It also highlights the importance of maintaining income patterns that people have become accustomed to throughout their working lives, with 83% saying they were used to managing a regular household income and would worry if it suddenly dropped*.
Claire Reed, Director of Individual Annuities at Aviva, 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.”
Technology-Driven Transformation
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.
Reed continues: “Aviva’s continued investment in annuity innovation and technology reflects our ongoing support for customers and advisers as they navigate modern retirement.”
To find out more, visit Aviva’s dedicated Annuities hub.
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References:
*Retirement Reality: Managing Money in Mid-Retirement. Survey of 1,000 non- advised private pension holders aged 65-75. Excluding people in receipt of State Pension only. Excluding those with more than £20,000 of DB household income. May 2025.
Enquiries:
Shelley Kernaghan
Retirement and Annuities
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Phone
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+44 (0) 7800 692 266
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Email
Notes to editors:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help 25m+ customers (including Direct Line) make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2024, we paid £29.3 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence over our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global system. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. The scope of our Climate ambitions and the risks and opportunities associated with our Climate strategy are set out in our Transition Plan published in February 2025: www.aviva.com/sustainability/taking-climate-action. Find out more about our sustainability ambition and action at www.aviva.com/sustainability
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/about-us/our-people/
- As at 30 June 2025, total Group assets under management at Aviva Group were £419 billion and our estimated Solvency II shareholder capital surplus was £8.1 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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