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Annuity contracts are offered by organizations and individuals that may accumulate value and take a current value and pay it out over a period of years. These contracts are regulated by various jurisdictions. Variable annuities are used for many different objectives. One common objective is tax deferral. Your money grows tax deferred meaning you do not pay taxes on gains until a withdrawal is made. Annuities offer a variety of subaccounts from various money managers. This gives investors the ability to move between subaccounts without incurring fees or loads.

Refer to these articles for more specific information.

• Annuity (US financial products)
• Annuity (European financial arrangements)