Example usage
The annuity was paid on the first of each month.
noun
An amount paid out every year to someone. The money usually comes from an insurance policy. It can be split up into smaller amounts and be paid out more frequently, such as monthly. It is usually paid for the rest of the beneficiary's life.
The annuity was paid on the first of each month.
A pension scheme organised by an employer for its employees.
A contract between a policyholder and an insurance company. The insurance company pays out if the policyholder dies.
Source: Plain English Campaign