This book provides a broad overview of annuity markets. Annuities have been analysed by a variety of disciplines and we believe that our synthesis of results from actuarial science, demography, economics, finance, and insurance will enable both academics and practitioners to understand the range of issues and potential solutions in this growing industry. Governments around the world are shifting their pension policies away from pay-as-you-go systems towards individual savings schemes, which need to be converted into a pension at retirement. Annuity markets provide this function. The book starts by outlining the context of public policy towards pensions policy. It then explains the different types of annuities available, and data available on these products. We examine how annuities are priced and describe actuarial methods of mortality measurement and reserving.