A retirement income arrangement whereby an individual invests a lump sum and then draws down an annual pension, taking into account their cash flow needs and life expectancy.
a regular income paid from a superannuation fund with flexible features. Some of the income may be tax free or eligible for a 15% tax rebate. AGEST offers members 'commutable' and 'non-commutable' Allocated Pension products.
a purchased pension not payable for life