An annuity which will become payable on the maturity of a pension policy.
An insurance policy that pays out an income during retirement. The Annuity is bought with savings made before retirement from either a Personal Pension or Occupational Pension Scheme.
An insurance policy that pays out a regular income. The Annuity is bought with funds from either a Personal Pension or Occupational Pension Scheme (or some other approved pension arrangement).