SPDA. A tax-deferred investment plan in which an individual makes a single payment...

An insurance policy bought by the sponsor of a pension plan for a single premium. In return, the insurance company agrees to make lifelong payments to the employee (the policyholder) when that employee retires.

tax-deferred investment plan in which an individual makes a single payment to a mutual fund or insurance company. Similar to an IRA, but having no annual contribution limit. see also annuity.