The guaranteed fixed term income plan is part of Aviva’s strategic transformation programme for its annuity business.

The digital annuities application will save intermediaries 14 days on each application.

Nearly a quarter (23%) of people say they don’t know where to start when it comes to switching provider.

Two thirds of IFAs recommend clients increase the retirement income they take and three quarters re-evaluate the role of annuities.

Annuity-holders are more likely to report lower levels of stress and the highest level of financial confidence compared to those without one.

Just 30.9% of plan holders are taking advice, despite the fact that the total number of pension plans accessed for the first time surged by 19.7%.