Annuity — Buying A Pension

: Pays an income for a specific number of years rather than for life.

: You pay a lump sum from your "defined contribution" pension to an insurance company. buying a pension annuity

: Continues to pay a portion of the income to a partner or beneficiary after your death. : Pays an income for a specific number

: The amount you receive depends on several factors: The total size of your pension pot. buying a pension annuity

: In return, the insurer provides regular payments that act like a salary during retirement.