sec.127Vested annuities

sec.127 Vested annuities

Sections 124 to 126 apply in relation to a vested annuity as if— the annuity were the income of trust property that is held by a trustee on trust to pay the income of the trust property to the annuitant; and the reference in sections 124 (5) and 125 (1) (b) and (6) to the period during the beneficiary’s minority and while the beneficiary’s interest continues were a reference to the period for which the annuity is payable. However, despite section 125 (2) (b) , the amount of the authorised investments (including the income of the investments made during the period for which the annuity is payable) must be held on trust for the annuitant or the annuitant’s personal representative absolutely. (sec.127-ssec.1) Sections 124 to 126 apply in relation to a vested annuity as if— the annuity were the income of trust property that is held by a trustee on trust to pay the income of the trust property to the annuitant; and the reference in sections 124 (5) and 125 (1) (b) and (6) to the period during the beneficiary’s minority and while the beneficiary’s interest continues were a reference to the period for which the annuity is payable. (sec.127-ssec.2) However, despite section 125 (2) (b) , the amount of the authorised investments (including the income of the investments made during the period for which the annuity is payable) must be held on trust for the annuitant or the annuitant’s personal representative absolutely.

• (a) the annuity were the income of trust property that is held by a trustee on trust to pay the income of the trust property to the annuitant; and
• (b) the reference in sections 124 (5) and 125 (1) (b) and (6) to the period during the beneficiary’s minority and while the beneficiary’s interest continues were a reference to the period for which the annuity is payable.