Definition: Guaranteed annuity

Living conditions

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.
Source:
Organisation for Economic Co-operation and Development (OECD)/Organisation de coopération et de développement économiques (OCDE), OECD Glossaries/Glossaires de l'OCDE, Private pensions - OECD classification and glossary; Les pensions privées - Classification et glossaire de l'OCDE, Paris, 2005
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