Annuity Definition

Question - What Does The Term Annuity Mean?

Answer - This is a product sold by a Life Assurance or Financial Services company. In return for handing over a one off payment, the company then pays over regular sums until a particular event, whose date cannot be predicted (usually death in the pensions field) occurs. An annuity is used to provide a pension by any scheme that builds up a pensions pot. Different kinds of annuities are available depending on whether you want to provide for dependents and to what extent you want your pension payments to increase.

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