Aviva, L&G and Standard Life have pledged their support to the first national Annuity Day, due to take place on 21 October.

The event has been created by Pension Potential, part of the Punter Southall Group.

The firm hopes the initiative will raise awareness of annuities and their role in providing guaranteed, lifelong income.

Steve Butler, CEO, Pension Potential, said: “Many people approaching retirement have a very real fear that their savings will not last a lifetime. That is why education is so important – people need clear, reliable information to make informed choices about their retirement income.

“National Annuity Day brings the industry together to address this challenge, helping consumers understand the role annuities can play in providing security and peace of mind. By working together, we can support people to make better decisions and feel confident about their financial future.”

The day will feature resources offering tools and information including:

• Guidance on how annuities work.
• Resources for planning retirement income.
• Up-to-date annuity rates.
• Educational content to help people weigh up different options.

The campaign will also feature research, education, and industry debates, with organisers calling on the wider retirement sector to unite behind the initiative.

On the day a National Annuity Day Adviser Roundtable will be held as well as a National Annuity Day Pensions Roundtable.

The sponsoring companies behind the campaign are Aviva, Legal & General, Standard Life and Pension Potential.

The organisers said annuity providers involved in the campaign are Aviva, Canada Life, Just, Legal & General, Standard Life and Scottish Widows.