The average return over a given period scaled up or down to an annual figure.

The individual to whom an annuity is paid.

Before 6 April 2015, members entitled to money purchase benefits (also known as defined contribution (DC) benefits) had limited retirement options, namely: • getting a scheme pension • drawdown, or • buying a lifetime annuity The purchase of a lifetime annuity was the most common retirement option, especially as the other two options were only available: • if the member's scheme permitted them (a rare thing in practice), and • in the case of drawdown, if the member satisfied certain conditions On 6 April 2015, pension freedoms were introduced to widen the retirement options available to DC members and members with other 'flexible benefits' (eg members with cash balance benefits). Not only did drawdown become more widely available, but it also became possible for members with flexible benefits to take their pensions pot as one or more lump sums, known as 'uncrystallised pension fund lump sums'. For further information, see Practice Notes: Pension freedoms—an introduction [Archived] and Uncrystallised funds pension lump sums (UFPLSs). This Practice Note considers annuities, their regulatory and legal regime,

A series of regular payments, usually payable for the life of the annuitant.

Pensions analysis: The Deputy Pensions Ombudsman has rejected a complaint about the payment of an annuity. Martin Scott of gunnercooke LLP looks at the decision.

A lump sum benefit paid following the death of a scheme member who died before age 75 and was in receipt of either a lifetime annuity or scheme pension under a money purchase arrangement, and which does not exceed the limits imposed through paragraph 16, Schedule 29, Finance Act 2004.

The amount of (usually monthly) income payable depending on several factors such as interest rates, retirement age, health and sex. The rate at which a pension fund is converted into regular pension payments. For example, a £6,000 annuity from a pension fund of £100,000 has a 6% annuity rate.

Law360: Pension annuity sales in reached £7bn in 2024, figures published on 12 February 2025 by the Association of British Insurers (ABI) illustrate, marking a 34% increase on the previous year.

A declaration of the court that a marriage was not legally valid or had become legally invalid.

An order of the court restoring the Bankrupt to their pre-bankruptcy status, effectively treating the Bankruptcy Order as if it had never been made.

An order of the court which reverses the effect of a bankruptcy order so that it is broadly treated as if it had never been made.

This Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986) and the grounds upon which an annulment application can be based. For further reading on the process of applying to annul a bankruptcy order, see Practice Note: The process of annulling a bankruptcy order The effect of a bankruptcy order being annulled The annulment of a bankruptcy order restores the position to what it was before the bankruptcy order was made, as it cancels the bankruptcy order. Therefore, the debtor will remain liable in full for all the bankruptcy debts, but any property which vested in the trustee in bankruptcy will revert to the debtor. Any sale or disposition of property comprising the bankruptcy estate by the official receiver or trustee in bankruptcy prior to the annulment of the bankruptcy order is valid. The grounds for applying to annul a bankruptcy order There are three grounds upon which the court can make an order annulling a bankruptcy order: • if it appears to the court that,