Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money definition

What does Money mean? In legal practice, money refers to the generally accepted means of payment used to discharge monetary obligations, pay for goods and services, and satisfy judgments. It ordinarily includes cash (banknotes and coins, typically sterling in the UK and euro in Ireland) and sums standing to the credit of a bank account transferable by cheque or electronic transfer; it can also include foreign currency if agreed. The term is descriptive rather than strictly defined, though related concepts are defined in legislation. 'Legal tender' identifies what must be accepted in settlement of a debt: in England and Wales, Bank of England notes...

Annuities in UK pension schemes: legal, tax and regulatory framework, options post-pension freedoms, death benefits, and 2024 allowance changes

Published by a LexisNexis Pensions expert

Practice notes

Prior to 6 April 2015, individuals entitled to money purchase benefits (also referred to as defined contribution (DC) benefits) faced a narrow set of retirement choices:

receiving a scheme pension
drawdown
purchasing a lifetime annuity

Buying a lifetime annuity was the route most frequently taken, chiefly because the other two options were only accessible:

if the member’s scheme allowed them (which was uncommon in practice)
for drawdown, if the member met certain conditions

On 6 April 2015, pension freedoms were introduced to broaden the retirement pathways open to DC members and those with other ‘flexible benefits’ (e.g. cash balance benefits). Drawdown not only became far more widely available, but members with flexible benefits could also take their pension pot as one or more lump sums, called ‘uncrystallised pension fund lump sums’. For more detail, see Practice Notes: Pension freedoms—an introduction [Archived] and Uncrystallised funds pension lump sums (UFPLSs).

This Practice Note examines annuities, the governing regulatory and legal framework, and the effect of the pension freedoms introduced on 6 April 2015.

What is an annuity?

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Web page updated on 21/05/2026

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