68. Permitted provisions in annuity contracts
The Comptroller may register an annuity contract as a registered retirement plan, which otherwise satisfies the conditions of section 67, although the annuity contract— (Amended by Act 2 of 2009)
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(a) provides for the payment, after the annuitant's death, of an annuity to a dependant who is not the widow or widower of the annuitant;
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(b) provides for the payment to the annuitant of an annuity commencing before retirement or maturity if the annuity is payable on his or her becoming incapable, through infirmity of mind or body, of carrying on his or her own profession, vocation, trade or business of a similar nature for which he or she is trained or fitted;
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(c) provides for the continuation of the payment of the annuity to any person for a term certain, not exceeding 10 years, despite his or her death within that term, or for the termination or suspension on marriage or remarriage or in other circumstances, of the payment to any person of the annuity; or
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(d) in the case of an annuity which is to continue for a term certain, provides for the annuity to be assignable by will, or in the event of the death of any person to whom such annuity is payable, to be assignable by the legal representatives of such person in the distribution of his or her estate so as to give effect to a testamentary disposition, or to the rights of any person entitled on intestacy, or to its appropriation to a legacy or to a share or interest in the estate.
(Inserted by Act 12 of 1999)