An annual pension refers to a fixed amount of money that someone receives every year after they retire, usually from their employer. It is a regular income they receive to support their living expenses during their retirement years. Full definition
In the year the member dies, the minimum annual pension payment amount is based on the member's age. (ato.gov.au)
You must pay the member the minimum annual pension amount each financial year. (ato.gov.au)
At the same time, demand has been stimulated by commentary and reporting of transfer values of sometimes 40 or more times the forecast annual pension income that members would otherwise receive. (lawyer-monthly.com)