Annuity Financial Glossary

What is it? An annuity is essentially a regular income for life and is usually purchased with your pension fund when you retire. The rate of income you receive from the annuity will depend on your age and the amount of capital you invest. For example, if you are 65 years old, you will receive less as opposed to 75 years old because you are expected to have a longer life than a 75 year old. It is best to shop around rather than just accept the annuity quote given to you by your pension fund provider because there are several different options available.

Finance Term Definition Added By: Colin

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