Strictly speaking a Fixed Term plan is not an annuity because there is no mortality cross subsidy but they are often called Fixed Term Annuities
They are technically a subset of pension drawdown
A fixed term income plan, sometimes called a fixed term annuity, allows
retires to access 25% tax free cash and, if needed, receive a guaranteed
income for a selected number of years. At the end of the term there is a
maturity amount which can be taken as cash, annuity or drawdown.
