An annuity is a type of insurance policy which guarantees fixed payments at regular intervals (usually monthly), for as long as the policyholder lives or for a fixed period of time. It is usually purchased to provide income during retirement. The premium is usually payable as a lump sum but there can also be regular premium payments for an agreed time period.

The CPF Life Scheme is an annuity scheme. For more information, visit the CPF Board website.