annuity

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annuity:

see insuranceinsurance
or assurance,
device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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References in periodicals archive ?
The policy's impact on annuity rates means that someone with a pounds 26,000 pension pot retiring today would receive 22% less income than if they had annuitised four years ago, making them pounds 440 a year worse off.
Exposure to growth assets within the new accounts, once annuitised, would be capped at 50 per cent, helping to protect both the budget and self-funded retirees.
Remainder must be annuitised by age 75, taxed as income.