"The materialistic philosophy of annihilationism (ucchedavada)...

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    "The materialistic philosophy of annihilationism (ucchedavada) is emphatically rejected by the Buddha as a false doctrine. The doctrine of kamma is sufficient to prove that Buddhism does not teach annihilation after death. It accepts survival, not of an eternal soul, but of a mental process subject to renewed becoming; thus it teaches rebirth without transmigration. Again, the Buddha's teaching is not a nihilism that gives suffering humanity no better hope than a final cold nothingness. On the contrary, it is a teaching of salvation (niyyanika-dhamma) or deliverance (vimutti) which attributes to man the faculty to realize by his own efforts the highest goal, Nibbana, the ultimate cessation of suffering and the final eradication of greed, hatred and delusion. Nibbana is far from being the blank zero of annihilation; yet it also cannot be identified with any form of God-idea, as it is neither the origin nor the immanent ground or essence of the world."

    - http://www.accesstoinsight.org/lib/authors/nyanaponika/godidea.html
 
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