单词 | joint and survivor annuity |
释义 | joint and survivor annuityDefinition Pension scheme involving two beneficiaries, usually a married couple. Annuity payments start at a higher level when both beneficiaries are alive. On the death of either, payments drop to a lower (say two-thirds or one-half) level and continue until the death of the survivor. See also joint life annuity and joint life and survivorship annuity. |
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