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  Alexander - then perhaps you must mean annuities bought from pensions funds, once again subject to the Lifetime Allowance. The income is subject to returns on 15 year gilts and mortality rates with cross subsidy from those who die early. There are enhanced rates available to those with medical conditions or those who's lives are impared due to lifestyle choices like smoking.
  
  Or you could mean Purchased Life annuities, these are nothing to do with pensions but are a way of investing your capital for an income some of the income is treated as a return of capital and not taxed while the balanced is taxed.
  
  There again you could mean qualifying savings plans, high on charges and taxed while invested, provided some rather inflexible rules regarding contributions are held to then the proceeds are tax free taken usually as a lump sum but you can take the proceeds in instalments with some if not a fixed term product. The fixed term products are endowments! not a fan of these myself and are rather old fashioned.
  
  None of the above carry any particular benefit for directors and everyone might use them.

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