I would actually go for the slightly less technical and more readiliy understandable term of « pension » or « pension product » for this one, particularly from a UK point of view.

There is absolutely no way in the English market that a pension could be construed in any other way than as an annuity (as opposed to here in France, where plans designed and sold as pensions-savings solutions invariably offer a lump sum exit option)

OK, some supporting stuff…

Just take a look at this para. from the highly authoritative ABI (& ignore, if you can, the horrendous grammar in the first line! proof readers apply here!!)

« When looking to purchasing a pension, you may find it helpful to look get some background information on what pension arrangements are available. There is a Government website which gives general, impartial information about pensions. The Financial Services Authority (FSA) is an independent body that aims to promote public understanding of the financial system and secure the right degree of protection for consumers. They produce a number of helpful guides for consumers in their consumer help area you may find their Decision Trees useful in helping you consider your pension options. »


It don’t say “When looking to purchasing an annuity” !!