1. Stipulation in an annuity contract that provides for income payments to begin at some future date such as a specific number of years or at a specified age. 2. Annuity contract in which premiums are accumulated at interest but the annuity payment period is postponed (deferred) for one or more periods.
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UK: Whereby the annuity payments are deferred for a period of time, often to coincide with retirement. Compare with immediate annuities where the annuity payments commence immediately.