Retirement annuity refers to annuity where payment for services is made only after an annuitant’s retirement. If an annuitant dies before retirement, an agreed amount will be refunded to the annuitant’s heir. Retirement annuity benefits are provided to an employee who covers for his/her past service and future service.

The following is an example of a case law defining retirement annuity:

Retirement annuity means, the aggregate of both past service annuity and future service annuity, or each separately if a person is entitled to either past service annuity alone or future service annuity alone.