An individual who receives payments from an annuity, a financial product that provides income streams at specified intervals, typically as a retirement tool.
Payment to a beneficiary that remains constant over time, such as a fixed monthly retirement income benefit.
A funded pension scheme is a retirement plan that pays benefits to retirees from a fund that is actively invested in securities. The returns generated by this fund are distributed as pensions to its members.
Integration with Social Security is a method of reducing an employee pension based on the Social Security benefits the employee receives. This approach aims to coordinate a company's pension plan with Social Security to ensure adequate retirement income for employees.
Retirement income refers to the various sources of funds that a retired individual receives, which can include Social Security benefits, pensions, annuities, and investment income. This income is critical for maintaining an individual's lifestyle once they are no longer earning a regular paycheck.
A Reverse Annuity Mortgage (RAM) is a financial instrument that allows elderly homeowners to convert home equity into a steady stream of income or a lump sum, while continuing to live in their home. This facility is especially useful for retirees needing to access additional funds without selling their property.
Single Life Distributions are monthly annuity payments made to a retired employee for life from a retirement plan. These distributions are taxed when received.
The State Second Pension (S2P) is a former component of the UK state pension system, aimed at providing additional retirement income based on earnings.
