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Government Annuities Act 1929
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- UK Public General Acts
- 1929 c. 29
- PART II
- Section 45
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45Commutation of insurances for annuities
(1)Any person entitled to a savings bank insurance shall be entitled to commute it for such life annuity as may be equivalent to the sum payable on death under the insurance on depositing during his lifetime with the Commissioners a direction in writing to that effect, and nominating the person to whom the annuity is to be paid, in a form approved by the Commissioners.
(2)The annuity when approved by the Commissioners shall commence on the sixth day of January, the sixth day of April, the sixth day of July, or the sixth day of October, as the case may be, next following the death of the person insured, and the first quarterly payment shall be made in respect of the quarter commencing on that date.
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