Explanation:

In general, accumulation is to collect or increase the amount of something. In finance, accumulation can refer more narrowly to increases in the position size of an asset that is built up over multiple transactions. Accumulation can also refer to the overall addition of positions to a portfolio.In technical analysis, accumulation points to a general increase in buying activity in an asset. In this case, the asset is said to be "under accumulation" or "being accumulated."

Deferred annuities have an accumulation phase in the first years of the contract. During this phase, savers are contributing funds. The accumulation phase is then followed by the distribution phase. During this phase, retirees begin accessing and using their funds.