Pension drawdown glossary
An annuity that pays a higher income because a health condition or lifestyle factor, such as smoking or high blood pressure, is expected to shorten life expectancy. It is worth declaring any condition when getting annuity quotes.
Source: MoneyHelper: annuities explained · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.