Aviva introduces new protection and guarantees on annuities

The ‘Annuity Value Protection' will be available to all annuity customers. Under this protection, if a customer should pass away within 90 days of the start date of their annuity, the insurer will return their original pension fund to their estate (less any payments made from the fund). Under the new ‘Default One Year Guarantee', Aviva will make annuity payments to a customer's estate for the rest of the year if they pass away after 90 days (but within the first policy year) of purchasing an annuity. Optional longer guarantees will be available for any customer with dependents, to cho...