Utility Pension (gift) A charitable gift pension is a contract between a donor and a foundation under which the foundation guarantees the payment of a pension. In most, but not all, cases, the owner and annuitant will be the same person. The beneficiary is the person designated by the pensioner who receives a death benefit on the annuitant`s land. Variable annuity: a type of annuity where the account balance may vary depending on the value of the underlying investments, such as stocks and bonds. The contract owner has the option of allocating money over several available investment options. It is the owner of the contract, not the insurance company that issues the contract, who assumes investment risks. Cash repayment Annuity An annuity settlement payment, which provides that after the death of the annuitant, before the purchase price is paid, the surplus is paid in an amount to the designated beneficiaries. Assets-based expenses Variable annuities expenses, e..B g., capital management fees and annual insurance fees based on the value of assets held in the separate account of the insurance company. However, a pension contract does refer to a type of investment that can be offered under a plan 403 (b) (note that plans 401 (k) may also offer pension contracts, but their use is far less widespread). The main difference between a pension contract and an investment fund (the other common type of 403 (b) is the planned investment and has been authorized since the adoption of the Employee Retirement Income Security Act (ERISA), is that an annuity is an insurance product by which the insurer contractually commits to the contract holder (project participant) to pay a certain amount at regular intervals over a specified period of time. , which may apply to the life of the participant or to the common life of the participant and a particular beneficiary.
, similar to a defined benefit plan (for example. B X dollars per month on the participant`s lifespan). The insurance ensures that the member benefits from such a benefit and that it is therefore an insurance product.