Ownership shares in a variable annuity’s separate account fund. An individual pays premiums for a variable annuity and these premiums are credited to the purchaser’s account (accumulation units). After the accumulation period ends, these units are used to buy annuity units. See also annuity units.
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UK: Units issued by a unit trust derived from the net income when it is automatically used to buy more units in the same fund. The unitholder benefits from not having to pay an initial charge on his reinvested income.