Guaranteed Fixed Term Income Plan - FAQs

18 Aug 2025

What do I need to do to be able to trade with you when we launch?

  • You will need to have an active agency with Aviva to obtain online quotes. If you wish to use our digital application you will need to register for an Online Account Number, which can be requested via our Adviser website. 

Which portals can I get a quotes from?

  • You can get quotes through AMS, Iress, iPipeline, and Synaptic.

How do I apply for your Guaranteed Fixed Term Income Plan? 

  • You can either apply via our digital application form or submit an application into our Aviva New Business team (annuityapps@aviva.com).  If you are using the digital apply journey, once you have produced a quote in the portal, an option will be shown to continue online and the quote information will pre populate the application form. 

Can I partially save an online application and return to it later?

  • Not currently, therefore we recommend only use the digital application if you have all the information available.

Can customers use part of their pension fund to buy our Guaranteed Fixed Term Income Product?

  • Yes, customers may use a portion of their pension fund through a partial transfer, subject to the ceding scheme allowing this. 

Do we accept both crystallised and uncrystallised funds?

  • Yes, we can accept multiple uncrystallised funds into 1 policy. If funds are in drawdown or a combination of uncrystallised and crystallised the customer would need to have multiple policies with us.

How do the tax rules work on income and death?

  • Income payments are subject to income tax. If a lump sum death benefit is selected by the beneficiary, it will also be subject to tax. If the policyholder dies before age 75, the benefits will usually be non-taxable. For death after age 75, any benefits are subject to income tax at the beneficiaries marginal rate. 

Will we accept in-specie transfers in?

  • No, we do not accept in-specie transfers.

I would like some further support, who should I contact?

  • Our team at Aviva are here to assist and our contact details can be found here. 

How long do we guaranteed our rates for?

  • We provide a rolling 40-day quote guarantee.  If the application does not complete within 40 days a new 40-day quote guarantee is given to the customer upon expiry of each guarantee period based on the most current Aviva annuity rates.

Can we accept Pension Sharing Order money and or Widows pension?

  • Yes, subjecting to the transfer is permitted by the Sharing order or Ceding scheme.

How can I get a quote for cases above £1 million?

  • All quotes should be started on the portal and referred into annuity@aviva.com with the quote ID for manual underwriting.  If accepted Aviva will issue and send you a key facts illustration.

How Do I submit an expression of wishes?

  • Our expression of wishes form is available here.

Can we facilitate a taxable lump sum from the amount of funds received? 

  • No, we cannot facilitate this.

When does the cancellation period commence?

  • The COBs rules are 30 days from the date that the customer receives notification the plan is set up, which starts 10 days from when the documents were sent.

Can we accept transfers from an unregistered pension scheme?

  • No, we can’t accept unregistered pension schemes.

Can we accept funds from AVC’s?

  • Yes, subject to these being registered and from a UK registered scheme.

Can multiple uncrystallised funds be combined into a single policy?

  • We can accept multiple uncrystallised funds with multiple providers into one product

Can I quote for both income and maturity value on the portals?

  • Intermediaries can specify an income amount on all portals. If the GMV is intended to drive the quote, this option is not available on Synaptic or Assureweb. For quotes based on a specific GMV, intermediaries can contact us at retirementsupport@aviva.com to request.

Should I select OMO or IVPP when generating research on portals?

  • When quoting for an Aviva guaranteed fixed-term annuity, select IVPP or transfer on the portals. If the PCLS has already been taken, please enter zero for the PCLS question.

What are the underlying funds invested in?

Are there any withdrawal options during the plan term?

  • Partial withdrawals aren’t permitted. However, the plan can be surrendered in full.

Will the death benefit fall within Inheritance Tax (IHT) after April 2027, similar to traditional drawdown arrangements?

  • Yes.

Can the death benefit be paid to multiple beneficiaries?

  • If a beneficiary has been nominated, we aim to settle the benefit accordingly. However, this is subject to Aviva’s discretion and the terms of the policy.

For multiple beneficiaries, can some receive ongoing payments while others receive a lump sum?

  • No, different payment options for different beneficiaries aren’t permitted.

Is the early surrender value equal to the original annuity purchase amount plus any interest earned, is there an early surrender penalty?

  • A deduction will be applied to reflect investment losses, based on market conditions at the time.

Is partial surrender available?

  • No, partial surrender is not an option.

How is the surrender value calculated? Would this apply if the annuitant dies mid-term?

  • The surrender value is calculated by taking the value of future payments yet to be paid and a deduction taking into account market conditions at the time.  This calculation applies regardless of when the annuitant passes away.

Are escalation options available for level quotes?

  • Currently, escalation options are not offered.

Can you accept partial transfers from crystallised plans?

  • Yes, we accept multiple uncrystallised funds into one policy. If the funds are in drawdown or a mix of crystallised and uncrystallised, separate policies will be required.

Is the product available on platform?

  • No, it isn’t currently available on our platform.

Do rates vary based on health?

  • No, medical enhancements are not available for this product.

If the minimum pension age increases to 57 in 2028, and a client accesses their pension under flexi-access drawdown rules at age 55 in 2027, will they still be able to receive income after the rule change, even though they won’t be 57 yet?

  • Yes. The legislation applies to the age at which you first access your pension. If the client enters flexi-access drawdown (e.g. GFTIP) before the change takes effect in 2028, they will not be impacted by the increase in minimum pension age. Their income will continue even if they are under 57 at that time.