annuity
noun

money paid each year to a retired person, usually in return for a lump-sum payment. The value of the annuity depends on how long the person lives, as it usually cannot be passed on to another person. Annuities are fixed payments, and lose their value with inflation, whereas a pension can be index-linked.

Examples
  • to buy or to take out an annuity

  • She has a government annuity or an annuity from the government.

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