Accumulation Stage - In accumulation stage, saving and investment for the retirement corpus is made

Annuitant - The holder of the annuity is called the annuitant. He or She can decide the mode of annuity payment.

Annuity - An annuity is a series of payments made under a contract at regular intervals over a period of time. It can be either fixed (under which the annuitant receives a definite amount) or variable (not fixed).

Assurance Benefit - The benefit provided under the Employee's Deposit-Linked Scheme(EDLIS) is called assurance benefit.

Commutation - Commutation refers to the exercise of the facility of taking a portion of the annuity corpus in a lump sum.

Deferred Annuity - In deferred annuity, the vesting age is deferred for some time. In the deferment period the fund is built. The fund is used to buy the annuity on the vesting age.

Defined Benefit - Pension amount or value of retirment benefit is known in defined benefit plan. A defined benefit plan is an employer maintained plan that pays out a specific, pre-determined amount to retirees.

Defined Contribution - A defined contribution plan does not promise a specific benefit at retirement. In defined contribution plan, a defined amount is contributed by employee, employer or both, towards a pension fund over a period. The final value of the pension fund determines the retirement benefit.

Deflation - The increase of purchasing power due to a general decrease in the prices of goods and services.

Distribution Stage - The distribution stage is the stage at which the corpus created in the accumuluation stage is employed to generate the income required to meet living costs in retirement.

Fixed Annuity - Guaranteed payments made to the annuity receiver in fixed annuity.

Immediate Annuity - In case of immediate annuity, the annuity payment begin immediately on purchasing the annuity depending upon the frequency of payment chosen.

Inflation - Rise in prices of goods and services over a period of time is called inflation.

NPS - NPS or New Pension Scheme was lauched in May 2009 by Government of India for Indian Citizens.The NPS system consists of the NPS trust, central record-keeping agency, pension fund managers, trustee bank and custodian.

PFRDA - Pension Fund Regulatory and Development Authority.

Retirement Corpus - It is the fund which is created to provide retirement income to meet the expenses in retirement by generating income from that corpus.

Retirement Planning - It is the process to accumulate fund to meet the expenses in the retirement age.

Variable Annuity - Variable annuity payment made depending upon the value of the fund.