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In 2009, Ted purchased an annuity for $60,000. The annuity is to pay him $1,500 per month for the rest of his life. His life expectancy is 120 months. A). Ted is not required to recognize any income until he has collected 40 payments (40 $1,500 = $60,000).
If you belong to a non-final salary pension scheme, by the time you retire you will have built up a lump sum in your personal pension pot. This may be used to buy an annuity from an insurance firm, which guarantees a specified annual income for the rest of your life.illions forced to take pension gamble: Annuity rates now so bad you'd have to live to 90 to get value for money. 1  Annuity rates which determine how much a pension pays are at all-time low. 2  Pensioners who buy annuities aged 65 won't see their money until they're 82.