For example Joining the occupational pension scheme at work was highly recommended. Show source/s Plain English Campaign Give feedback This page is not useful This page is useful Thank you for your feedback. If you have another few minutes please take the time to tell us about our new Dictionary service. Thank you for your feedback. If you could tell us more, it would really help. Submit
Life assurance policy (or life insurance policy) A contract between a policyholder and an insurance company. The insurance company pays out if the policyholder dies.
Annuity 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.