(n.) A sum of money, payable yearly, to continue for a given number of years, for life, or forever; an annual allowance.
Example Sentences:
(1) The ABI figures revealed that the best annuity for someone who is a heavy smoker and has severely impaired health was at Prudential, which paid out 46% more than the worst, from Friends Life.
(2) Annuities have suffered their worst year on record, with payouts to newly retiring pensioners falling by 15% so far during 2016, according to data provider Moneyfacts.
(3) Only last month the Financial Conduct Authority issued a report in which it said millions of older people were getting a poor deal from Britain's multibillion-pound annuity market, with the biggest losers those with the least money put aside for their retirement.
(4) However, to buy an annual pension income of £1,300 via a traditional annuity that also provided an income for your spouse after you die, you would need a pension pot of roughly £25,000.
(5) Annuity rates so low that a pension pot running into the seven figures is required to deliver any kind of decent pension.
(6) People who prefer to buy an annuity could opt for a "value protected annuity": in return for an extra cost, typically 5% of the income, the policyholder can arrange for any residual money left over when they die to be paid to their beneficiaries.
(7) He adds: "The problem with the chancellor's decision is very simple: all the evidence indicates very few people will opt to buy an annuity under the new rules – and the assumption of 30% taking this route deployed by the Treasury in its costings appears highly optimistic.
(8) The insurers pay an annuity (a guaranteed annual income in retirement) of £839 a year on a savings pot of £18,000, compared to £1,099 at the best payer, Reliance Mutual.
(9) On average, women take out annuities at the age of 59, marginally earlier than men at 62, but both do so significantly sooner than they have to by law.
(10) If the recession results in interest rates remaining low for years, as many in the City are now predicting, then annuity rates will also remain at paltry levels.
(11) Figures from pensions provider Hargreaves Lansdown show annuity rates have plummeted since July 2008.
(12) Table Photograph: asdf In recent years annuity providers have begun offering better payouts to those people they think will die relatively early.
(13) The group sold its US life and annuity business last year for £1.7bn , as well as many other smaller overseas operations, to strengthen its balance sheet.
(14) The Association of British Insurers is believed to be on the verge of approving a new mandatory code of conduct for pension companies that sell pension income – also known as annuities – ensuring people will get the highest possible income in return for their pension pot.
(15) "Annuities may well be broken, but the answer is not to end responsible collective risk-sharing.
(16) By forcing long-term interest rates down and inflation up, QE1 has already increased pension fund liabilities by an estimated £74bn , while driving annuity costs to record levels.
(17) The chancellor said: “For many an annuity is the right product, but for some it makes sense to access their annuity now.
(18) Do not simply accept the annuity offered by your pension provider – shop around for the highest rate possible.
(19) The thinktank also suggests removing the option of taking out 25% of your pension fund as a tax free lump; instead investors would get a 5% top up to their pension pot just before they use the money to buy an annuity.
(20) It will also end the rules requiring compulsory annuitisation (having to buy an annuity with your pension) at 75.
Pension
Definition:
(n.) A payment; a tribute; something paid or given.
(n.) A stated allowance to a person in consideration of past services; payment made to one retired from service, on account of age, disability, or other cause; especially, a regular stipend paid by a government to retired public officers, disabled soldiers, the families of soldiers killed in service, or to meritorious authors, or the like.
(n.) A certain sum of money paid to a clergyman in lieu of tithes.
(n.) A boarding house or boarding school in France, Belgium, Switzerland, etc.
(v. t.) To grant a pension to; to pay a regular stipend to; in consideration of service already performed; -- sometimes followed by off; as, to pension off a servant.
Example Sentences:
(1) The 36-year-old teacher at an inner-city London primary school earns £40,000 a year and contributes £216 a month to her pension.
(2) Adding a layer of private pensions, it was thought, does not involve Government mechanisms and keeps the money in the private sector.
(3) We know that several hundred thousand investors are likely to want to access their pension pots in the first weeks and months after the start of the new tax year.
(4) But the amount of time spent above SPA has differed substantially between men and women due to women both living longer, and reaching state pension age earlier.
(5) Critics of wind power peddle the same old myths about investment in new energy sources adding to families' fuel bills , preferring to pick a fight with people concerned about the environment, than stand up to vested interests in the energy industry, for the hard-pressed families and pensioners being ripped off by the energy giants.
(6) The chancellor confirmed he would bring in a welfare cap of £119.5bn, with the state pension and unemployment benefits exempted from this.
(7) "Their prioritising of pensioner spending over unemployment benefits fits with a picture seen across this generational work: they care about groups they see as being in genuine need and they put particular emphasis on helping those who have contributed."
(8) Pensioners, like those in receipt of long-term social welfare payments or those who can prove they cannot provide their heating needs during winter, are entitled to a means-tested weekly winter fuel allowance of €20 (£ 14.54) per household.
(9) Energy UK said the help offered by its members to pensioners and low-income households was the equivalent of giving shoppers £135 per year.
(10) Rule-abiding parents can get a monthly stipend, extra pension benefits when they are older, preferential hospital treatment, first choice for government jobs, extra land allowances and, in some case, free homes and a tonne of free water a month.
(11) Tata Steel, the owner of Britain’s largest steel works in Port Talbot, is in talks with the government about a similar restructuring for the British Steel pension scheme , which has liabilities of £15bn.
(12) "Statistics released today show that three-quarters of people who apply for employment and support allowance are continuing to be found either fit for work or stop their claim before completing their medical assessment," said the Department for Work and Pensions.
(13) I am one of those retired civil servants who has not received my pension.
(14) Applications from Serbia, which account for 10% of the total, stem mostly from the dissolution of former Yugoslavia: payment of army reservists, access to savings in present-day Bosnia and Herzegovina, pensions in Kosovo.
(15) Arcadia’s pension deficit was measured at £190m in the company’s accounts for the year to August 2015, but is understood to have grown substantially since then.
(16) It combined regular interviews with a study of the impact on each household of benefit changes, pension reforms, social care cuts and fuel price increases.
(17) "We believe BAE's earnings could stagnate until the middle of this decade," said Goldman, which was also worried that performance fees on a joint fighter programme in America had been withheld by the Pentagon, and the company still had a yawning pension deficit.
(18) Colleagues involved in similar Telegraph stings this week included Michael Moore, the Scottish secretary, Ed Davey, a business minister, and Steve Webb, the pensions minister.
(19) At the end of the article the Department for Work and Pensions is quoted as saying that it’s “misleading to link food bank use to benefit delays and sanctions”.
(20) I think it would have been appropriate and right and respectful of people’s feelings to have done so.” There was also confusion over Labour policy sparked by conflicting comments made by Corbyn and his new shadow work and pensions secretary, Owen Smith.