Pension drawdown glossary
An annuity that keeps paying, often at a reduced rate, to your spouse or partner after you die. It pays less at the start than a single life annuity for the same pot.
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.