Character pockets money for annuity scheme (7)
I believe the answer is:
tontine
'annuity scheme' is the definition.
(type of investment scheme)
'character pockets money' is the wordplay.
'character' becomes 'tone' (tone can mean a character or mood).
'pockets' is an insertion indicator.
'money' becomes 'tin' (old-fashioned slang term for money).
'tone' going around 'tin' is 'TONTINE'.
'for' acts as a link.
(Other definitions for tontine that I've seen before include "life assurance scheme" , "financial enterprise" , "Tin tone for a scheme of life annuity" , "financial scheme" .)