Marvin OnumonuAviva has launched a pension product called ‘Aviva Guided Retirement’, aimed at workplace pension customers in the Aviva Master Trust.
The product uses a ‘flex first, fix later’ approach, blending drawdown strategies with a later-life annuity to help provide a steady retirement income.
It is designed for pension savers who do not pay for financial advice, offering a guided structure to help with retirement decisions.
Customers can access the Aviva Guided Retirement modelling tool and get ongoing support.
Aviva plans to widen access to other workplace pension customers in the future.
Simon Ellis, commercial director for workplace pensions at Aviva, said: “We’re proud to launch Aviva Guided Retirement.
“This innovative solution demonstrates our commitment to delivering cutting-edge retirement products which reflect the changing needs of retirees today and in the future.
“Aviva Guided Retirement stands out for the ongoing guidance and tools it offers Aviva Master Trust members which will help empower them to prepare for and adapt to all stages of retirement.”
The Pension Schemes Bill set out new rules for clearer and more accessible default options for people turning their savings into retirement income.
Ellis added: “It’s great to see the Pension Schemes Bill focusing on the full retirement journey.
“At Aviva, we want to help savers get ready for better retirements by ensuring their pension savings last a lifetime – and the Aviva Guided Retirement solution is built around that principle.
“This means we’ll be able to offer a solution that not only meets regulatory requirements but also reflects what members have told us they want: a retirement journey that offers both flexibility and security.”
Aviva Guided Retirement splits pension savings into three pots: a flexible income pot, a guaranteed income pot, and an occasional spending pot.
Money can be taken as a tax-free lump sum before splitting into these pots.
Customers can tailor their plan and adjust it using the modelling tool as their needs change.
Chris Noon, chair of the Aviva Master Trust, said: “The launch of Aviva Guided Retirement marks a significant step forward in our ongoing commitment to supporting Aviva Master Trust members with innovative and practical solutions that adapt to their evolving needs.
“By blending flexibility with long-term security, this solution empowers members to approach retirement with greater confidence.
“It also endorses the Aviva Master Trust’s leadership in defined contribution provision across the UK – setting a new benchmark for how pension schemes can deliver lasting value and guidance throughout the retirement journey.”
