Pension drawdown glossary
An annuity that pays a guaranteed income for a set number of years rather than for life, and may pay a lump sum at the end that can be used to buy another product. It keeps options open at the cost of no lifetime guarantee.
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.
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