Status: You are viewing the version of the handbook as on 2019-12-18.

guaranteed annuity rate

    56an arrangement in a pension scheme to provide benefits whereby, in defined circumstances and irrespective of the prevailing market rate for annuities when those benefits come into payment, a member is entitled to:

      1. (a) an annuity at a minimum specified rate; or
      1. (b) benefits equivalent to that annuity at that minimum specified rate.