lifetime annuity

lifetime annuity
Under the Finance Act 2004, an annuity is a lifetime annuity if it is a level, increasing or relevant linked annuity, paid by an insurance company that the member had an opportunity to choose. The lifetime annuity must be payable until the member's death or the later of their death and the end of a guaranteed period of up to ten years.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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