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 ?
New rules will allow DC members to draw down, annuitise, or cash in their pension pots from the age of 55.
Promislow, 2001, Mortality Derivatives and the Option to Annuitise, Insurance: Mathematics and Economics, 29(3): 299-318.
In my experience the fact that you had to annuitise by the age of 75 and the potential tax charge of 82 per cent on pension funds after the death of a second beneficiary post age 75 were two big turn-offs.
They may in fact not wish to annuitise, as suggested, but instead choose to keep any KiwiSaver savings as a buffer for contingencies, to pay off a mortgage, or to make some investment that will improve their quality of life as they age.