Guaranteed Fixed Term Income Plan - FAQs

30 Jan 2026

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?

  • Yes you can partially save an application form, when you are ready to return to the application form, you will need to login to the Aviva adviser site.

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?

  • No, we do not currently accept pension fund death benefits, pension Sharing Order or court orders (pension attachment, pension sharing, bankruptcy or other sharing orders).

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

  • All quotes should be started on the portal and referred into enquote@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 enquote@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 if there is a guaranteed period equal to the term.

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.

What options are available to increase my client's income yearly?

  • The following options are available to select to increase a client's outcome. This does not include their maturity value which is fixed at outset. There is the option to not have any escalation with the income remaining level.
    • A fixed rate each year (in steps of 0.01% with a cap of 8.5%) 
    • In line with RPI
    • In line with RPI, up to a fixed amount (capped at 5% and is otherwise known as LPI)

What payment frequencies are available?

  • Customers will be able to choose Monthly, Quarterly, Half-yearly or Yearly payments in advance or arrears.

What death benefit options are available?

  • You can select from 3 options, and these must be chosen at outset and can't be amended during the term. The options are 'Optional Death Benefit', 'Guaranteed Income Period' and 'Value Protection'.
    • Optional Death Benefit
      • Where a customer chooses to have no death benefits, no further income is payable when they die, with this option, the client cannot surrender their policy during the term. Therefore, it is not suitable for a customer whose circumstances may change and they need flexibility with their income.
    • Guaranteed Income Period
      • A guaranteed income period is a feature that ensures income payments (including any escalation which is selected) continue for a set number of years and months, even if the customer dies during that time.
      • The customer can choose a guarantee period (e.g. 5 or 10 years, up to the length of the term, in years and months) and if they die during the guarantee period, payments don't stop, they continue to the beneficiaries or estate until the end of that period. If the customer lives beyond the guarantee period, payments continue as normal whilst they are alive until the end of the fixed term.
      • If the customer dies within the guaranteed period, the beneficiary can choose to commute the payments to a lump sum, with only the payments covered within the guaranteed period being eligible for commutation. If they choose to do so, this calculation will take into account the value of future payments yet to be paid and a deduction, taking into account market conditions at the time. This calculation applies regardless when then annuitant passes away.
      • The customer has the option to surrender if they choose a guarantee equal to the full term. A Guaranteed Maturity Value is only covered within the guaranteed period to those customers who guarantee the full length of the term.
      • You cannot select both Guaranteed Income Period and Value Protection on the same plan.
    • Value Protection
      • Value Protection is a feature for customers looking to protect the lump sum used to purchase the plan.
      • Value Protection is to ensure that if the customer dies during the term, the remaining balance (Purchase price - minus Tax Free Cash - minus adviser charge - minus any income payments paid to date) is returned as a lump sum to their beneficiaries.
      • The customer can choose to protect a certain percentage of the original purchase price (e.g. 1% up to 100%) and choose the term for which the protection applies (e.g. 5 years, 10 years, in years and months) up to the duration of the term.
      • The Guaranteed Maturity Value is not payable should the customer pass away before the end of the term.
      • The customer cannot surrender should they choose the Value Protection feature.
      • The Value Protection lump sum does not escalate if the customer chooses to escalate their income. 
      • You cannot select both Value Protection and Guaranteed Income Period on the same plan. 

Can you accept partial transfers from crystallised plans?

  • No. We only accept partial transfers from uncrystallised policies.

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.