Term:
Guaranteed annuity
Definition:
An annuity that is paid until the death of the annuitant. If this occurs prior to a certain date, the annuity is then paid to their dependants until that date.
Domain:
Finance
Source:
OECD Working Party on Private Pensions, 2005, “'Private Pensions: OECD Classification and Glossary, 2005 edition”, OECD, Paris
