Single Premium Deferred Annuity

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Single Premium Deferred Annuity

An annuity purchased with a lump sum payment by the annuitant, who does not begin to receive payments until some future date. Like all deferred annuities, an SPDA has two phases, a savings phase and an income phase. The savings phase involves the annuity taking the lump sum payment and investing it on behalf of the annuitant. In the income phase, the annuitant receives payments. It is important to note that an SPDA, like all deferred annuities, is not taxed until the income phase begins. It also pays a death benefit to the survivor(s) of the annuitant. See also: IRA, 401(k).
References in periodicals archive ?
The SPDA indicates that Decree 1292 does not require Petroperu to have a plan, but leaves it up to the company's discretion.
In contrast, both the optimal product mix proportion and the K-ratio decrease as the coverage period of SPDA becomes shorter in Table 3.
In Spring 2003, the SPARC Office chose a cohort of seven faculty to participate in the SPDA Program.
Nigeria's governor to the IDB Board, Dr Yerima Lawan Ngama, State Minister for Finance, while acknowledging that the IDB Group "not only provides significant resources to its African member countries (over $7bn development assistance in the last decade alone), but it is also playing a catalytic role by attracting additional financial flows from other regions to Africa", also urged the IDB to close the gap between financing approved and disbursed under the SPDA.
Three examples of these, two of which are taken from the property/liability branch of the insurance business, are SPDAs, workers compensation, and earthquake coverage.
The suspects - Mohammad Lalaog Chenikandiyil, Zack Haron Villanueva Lopez, Jackson Mangulamas Uzi and Ausan Abdullah Mamasapano-were arrested during raids in hideouts on 48 Ilang-ilang Street, Barangay Rosary Heights 7, Cotabato and on 11th Street, SPDA Village, Barangay Tamontaka, Datu Odin Sinsuat, Maguindanao at around 2 a.
On his part, the President of IDB hailed the OIC General Secretariat for its visionary leadership which led to the formulation of SPDA.
The Forum brought together Ministers responsible for Finance and Economic Development from OIC Member States of West African sub-region to review the progress of the implementation of SPDA since its inception in 2008.
The segment experienced wider spreads and continued growth in the SPDA and MVA lines during the second quarter.
The Finance ministers made the remark during a review seminar on SPDA organized on the sidelines of the 39th Annual Meeting of the Bank and the 40th Anniversary celebrations taking place in Jeddah from 24-26 June 2014.
He pointed out that the IDB had completed a five-year (2008 2012) financing under the Special Programme for the Development of Africa (SPDA) and that the overall financing for the implementation of the SPDA stood at USD 13.
The IDB Group presentation on SPDA illustrated that operations till the end of the second quarter of 1433H (corresponding mid 2012) have exceeded the planned level.