Glossary
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- Annuitysearch for term
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When the time comes to take your pension, you need to convert the fund you’ve built up into a regular income. Annuities are a financial product which allows you to pay a lump sum to an insurance company and in return receive an income for the rest of your life (what’s known as a lifetime annuity*) or for a specified period (known as a short-term annuity).