Part IU.K. Government Annuities

1—7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.

8 Security for and payment of annuities.U.K.

(1)All immediate life annuities . . . F2, shall be charged on the [F3National Loans Fund] and issued thereout . . . F4 at such times as the Treasury may direct.

(2)All deferred life annuities shall be charged on and paid out of the funds established under the M1Government Annuities (Investments) Act 1864, and regulated by Part III of this Act, which fund is hereinafter in this Act referred to as the “Government Annuities Investment Fund.”

9 Times of payment.U.K.

(1)All annuities granted under this Part of this Act shall be payable quarterly, on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October, in each year.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

(3)On the expiry of a life annuity by reason of the death of a single nominee, or of the survivor of two joint nominees, or of either of two joint nominees, a sum equal to one-fourth part of the annuity, over and above all quarterly arrears thereof, shall, if claimed within two years after the death of that nominee, but not otherwise, be payable to the person entitled to the annuity, or to his executors, administrators or assigns, as the case may be, at any time after the expiration of thirty days after proof of the death:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

10 Mode of payment of life annuities.U.K.

(1)The quarterly payments of life annuities shall be made by the Commissioners by warrants, addressed to the Bank of England, upon proof of the existence of the nominee, or, if the annuity depends on two joint lives and the life of the survivor, of either of the nominees, or, if the annuity depends on the joint continuance of two lives, of both the nominees, either—

(a)by the personal appearance of such nominee or nominees before an officer of the Commissioners on the quarterly day for payment or some day subsequent thereto; or

(b)by the production of such certificate and declaration as are in this section mentioned; or

(c)by other evidence to the satisfaction of the Commissioners.

(2)The certificate so required shall be a certificate by any person prescribed in that behalf by a warrant of the Treasury that the nominee was living on a day specified in the certificate, being the quarterly day for payment, or some day subsequent thereto.

(3)The declaration so required shall be a declaration by a person entitled to the life annuity, or some person on his behalf, stating that the person mentioned in the certificate is the nominee or one of the nominees on whose life the annuity depends, and where an annuity depends on the life of two nominees and the life of the survivor, the declaration, if referring to one only of the nominees, shall state whether the other of the two nominees is living or dead, and, if living, his usual place of residence, or that the person making the declaration is wholly ignorant whether such other nominee is living or dead, or of his place of residence, as the case may be.

(4)Where two or more annuities have been granted upon the life of the same nominee, then—

(a)if the existence of the nominee has been proved by his personal appearance before an officer of the Commissioners for the purpose of one of those annuities, no further proof of his existence shall be required in respect of any other such annuity; and

(b)if a certificate of the existence of the nominee has been produced in accordance with the provisions of this section by a person entitled to one annuity, it shall not be necessary for a person entitled to another such annuity to produce a certificate, but a declaration by or on behalf of the person entitled to such other annuity as to the identity of the person to whom the certificate relates with the person on whose life his annuity depends shall be sufficient.

11 Mode of payment of one-fourth of life annuity on expiration of annuity.U.K.

(1)The sum equal to one-fourth of a life annuity payable under this Part of this Act on the expiration of the annuity, shall (with all quarterly arrears) be paid by the Commissioners by warrant addressed to the Bank of England, on production to the proper officer of the Commissioners of a certificate of the death or burial of the nominee on whose death the annuity expired, together with a declaration as to the identity of the person named in the certificate with that nominee, which declaration shall also state the date of his death:

(2)Certificates of death or burial for the purpose of this section shall specify the date of death or burial, and shall be given by such persons as are authorised by a warrant of the Treasury.

(3)Extracts or copies from the registers of the Society of Friends (commonly called Quakers) or from the register of any Nonconformist or Roman Catholic chapel or any non-parochial chapel, if certified by the registrar or other person keeping the register, shall be accepted as evidence of death or burial.

12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7U.K.

13 Transfers of life annuities.U.K.

(1)Life annuities shall be transferable in the books of the Commissioners in such form and subject to such regulations as the Commissioners may approve:

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

(3)On the transfer of an annuity the person to whom the transfer is made shall, if the Commissioners . . . F9 so require, sign his acceptance thereof himself or by his duly authorised agent.

14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10U.K.

15 Unclaimed annuities.U.K.

(1)The Commissioners shall, on the fifth day of January in every year, make up an account of all life annuities which have remained unclaimed for the space of the last three years, and all annuities so remaining unclaimed, together with the unclaimed quarterly arrears thereof, and all life annuities which may have expired, and all quarterly arrears thereof, shall cease to be charged upon and shall not be issued out of the fund on which they are charged by this Part of this Act, as from the date from which they have remained so unclaimed or on which they have so expired:

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

16—18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12U.K.

19 Certification of amounts payable on the several quarter days.U.K.

The Comptroller-General, acting under the Commissioners, shall within fourteen days preceding the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October, in each year, certify to the Treasury the amount on account of annuities which will become payable under this Part of this Act out of the [F13National Loans Fund] on each of those dates respectively, and the Treasury shall thereupon by warrant direct the issue out of the [F13National Loans Fund] to the account of the Commissioners of the sum specified in the certificate.

20 Validity of payments to executors and administrators.U.K.

Where probate or letters of administration have been granted to any person in respect of the estate of a person entitled to an annuity under this Part of this Act, the production of the probate or letters of administration granted by any court in the United Kingdom, the Isle of Man or the Channel Islands shall be a sufficient authority to the Commissioners to pay to the person to whom the probate or letters of administration have been granted any sum which may be due on account of such annuity if the amount of the estate exceeds that sum.

21 Payment of small sums on death without letters of administration.U.K.

On the death of a person to whom any sum not exceeding [F14£5000] is due from the Commissioners in respect of any life annuity granted under this Part of this Act, then, if the Commissioners so direct and subject to the regulations (if any) made by the Treasury, probate or other proof of the title of the personal representative of the deceased person may be dispensed with, and the said sum may be paid or distributed to or among the persons appearing to the Commissioners beneficially entitled to the personal estate of the deceased person, or to or among any one or more of those persons, or in the case of the illegitimacy of the deceased person or his children, to or among such persons as the Commissioners may think fit, and the Commissioners shall be discharged from all liability in respect of any such payment or distribution.

22 Exemptions from duties.U.K.

(1)No stamp duty shall be payable in respect of—

(a)—(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15

(d)any transfer or acceptance of any such annuity in the books of the Commissioners . . . F16; or

(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17

(f)any other instrument . . . F18made out by or under the authority of the Commissioners.

(2)Annuities granted under this Part of this Act shall not be liable to any taxes, charges, or impositions, other than those to which dividends on consolidated stock may for the time being be liable.

23 Evidence.U.K.

(1)The Commissioners may, in any case where a declaration is required under this Part of this Act, require the declaration to be confirmed by an affidavit before the Comptroller-General or officer appointed for the purpose by the Commissioners, or before a justice of the peace or magistrate.

(2)Where a declaration is required to be produced under this Part of this Act for the purpose of receiving an annuity, an affidavit may be produced in lieu thereof.

(3)Where any evidence is produced by any person for the purpose of the . . . F19 receipt of an annuity which is not strictly conformable with the provisions of this Part of this Act, the Commissioners may admit such evidence if it appears satisfactory.

(4)The Commissioners or the Comptroller-General or any officer appointed for the purpose by the Commissioners may administer oaths for the purposes of affidavits under this Part of this Act.

24 Provisions as to warrants.U.K.

(1)All warrants of the Commissioners for the payment of sums payable by them under this Part of this Act may, subject to regulations made by the Commissioners, be sent by post.

(2)A warrant so sent by post shall be deemed to be a cheque of the Commissioners within the meaning of any enactment relating to cheques for the time being in force.

(3)Any person desirous of having a warrant for an annuity sent to him through the post shall give to the Commissioners an address in the British Islands to which a letter containing the warrant is to be sent, and, subject to the provisions of any regulations made under this Part of this Act, the posting by the Commissioners of a letter containing the warrant addressed to an annuitant at his request at the address given by him to the Commissioners shall, as respects the liability of the Commissioners and of the [F20National Loans Fund], be equivalent to the delivery of the warrant to the annuitant himself.

(4)For the purposes of this Part of this Act, the expression “warrant” shall be deemed to include any draft, order, cheque, or other document for the time being used by the Commissioners as a medium for the payment of annuities under this Part of this Act.

25 Provisions as to certificates, &c.U.K.

(1)Certificates, declarations, and other instruments required for the purposes of this Part of this Act shall be in such form and shall conform with such regulations as the Commissioners may approve.

(2)No fee shall be taken by any officer acting under the Commissioners for granting any certificate, or for any other act, matter or thing to be done in pursuance of this Part of this Act.

26 Power to correct errors.U.K.

The Commissioners may correct, rectify or amend any contract for an annuity, or any certificate or other instrument, in cases where any mistake or accidental error has been made in carrying out any provisions of this Part of this Act.

27 Regulations.U.K.

(1)The Commissioners may make regulations providing for the production or transmission by post or otherwise to the persons prescribed in the regulations of the certificates and declarations which are required to be produced before the payment of annuities, and with respect to any matters which under this Part of this Act are expressed to be subject to regulations of the Commissioners.

(2)The Commissioners, with the concurrence of the Treasury, may make regulations as to the mode in which any sum payable by the Commissioners in respect of an annuity under this Part of this Act may be paid, and the manner in which a valid discharge is to be given to the Commissioners for any such payment, and payments made and discharges given in accordance with the regulations shall be valid notwithstanding anything in this or any other Act to the contrary.

28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21U.K.

29 Allowances to Bank of England.U.K.

Such allowances to the Bank of England as the Treasury approve in respect of services rendered by the cashiers and other officers of the bank in the execution of this Part of this Act, shall be paid by the Treasury out of moneys provided by Parliament.

30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22U.K.

31 Punishment for improper receipt of annuity.U.K.

If any person contrary to the provisions of this Part of this Act receives any payment in respect of any life annuity after the death of the nominee, or of the survivor, or of either of two nominees in the case of an annuity depending on the joint continuance of two lives, knowing such nominee to be dead, he shall forfeit treble the amount of all money so received and also a further sum of five hundred pounds.

32 Punishment for false statements. F23U.K.

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24

(2)If any certificate of the existence or death or burial of any nominee given under this Part of this Act by a person prescribed in that behalf by a warrant of the Treasury is false, the person giving it shall, if he acted wilfully, be guilty of a misdemeanour, and, if he acted negligently, be liable on summary conviction to a fine not exceeding [F23level 3 on the standard scale].

(3)If any declaration made for the purposes of this Part of this Act is untrue in any particular, the person making the declaration shall, in addition to any other penalty to which he may be subject, forfeit the sum of one hundred pounds.

[F25(4)If, in F26. . . Northern Ireland, the Channel Islands or the Isle of Man, any person in any declaration or affidavit for the purposes of this Part of this Act before any justice of the peace, magistrate, or officer of the Commissioners, wilfully makes any false statement, he shall be liable on conviction to be punished as if he were guilty of perjury.]

33 Forgery.U.K.

If, in Scotland, the Channel Islands or the Isle of Man, any person forges or knowingly assists in forging or, with intent to defraud, utters to any person acting under this Part of this Act—

(a)any register of the birth, baptism, death, burial or marriage of any person appointed or to be appointed a nominee under this Part of this Act, or any copy or certificate of any such register, or the name of any witness to any such certificate;

(b)any declaration, warrant, order, or other instrument, or any affidavit required to be made by this Part of this Act or by the Commissioners under any authority given to them for that purpose;

(c)any certificate of any justice of the peace or magistrate of any such affidavit having been taken before him, or any certificate or order of any officer of the Commissioners;

(d)any certificate of any person authorised under this Part of this Act to grant any certificate of the life or death of any nominee;

(e)any certificate or order of any cashier or clerk of the Bank of England;

(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27

(g)the name of any person on any transfer or acceptance of any such annuity . . . F28 in the books of the Commissioners;

(h)the name of any person on any receipt or discharge for any such annuity, or on any receipt or discharge for any payment due or to become due thereon;

(i)the name of any person on any letter of attorney or other authority or instrument authorising the transfer or acceptance . . . F28 of any annuity under the provisions of this Part of this Act, or authorising the receipt of any such annuity, or any payment due, or to become due thereon;

he shall on conviction be liable to [F29imprisonment] for life.

34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30U.K.

35 Recovery and application of penalties.U.K.

(1)All pecuniary penalties and forfeitures imposed by this Part of this Act (other than fines recoverable summarily) shall be recoverable by information in the High Court or as respects Scotland in the name of the Lord Advocate in the Court of Session.

(2)Every such penalty or forfeiture shall be paid into the Exchequer.

(3)It shall be lawful for the Commissioners to cause such reward as they think fit, not exceeding one-half of any such penalty or forfeiture so recovered, after deducting all charges and expenses incurred in recovering it, to be paid to any person who may appear to them to be entitled thereto as informer.

36 Repeals and Savings. U.K.

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F31

(2)This Part of this Act shall apply to all annuities granted before and in force at the commencement of this Act under any enactment so repealed as if they had been granted under this Part of this Act, and where a person entitled to an annuity granted before the commencement of this Act purchases an annuity under this Part of this Act depending on the life of the same nominee as the former annuity, the annuity so purchased shall be added to the former annuity, and the two shall be treated as a single annuity depending on the life of such nominee, as if both annuities had been granted under this Act

F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)All regulations and tables made under any enactment so repealed shall continue in force and have effect as if they had been made under this Act.

(4)All powers of attorney and other instruments in respect of any annuity granted under any enactment so repealed, or in respect of an application for any such annuity, executed before the commencement of this Act, shall continue in force and have the same validity as if this Act had not been passed.

Part IIU.K. Savings Bank Annuities and Insurances

37—40.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33U.K.

41 Security for, and payment of, annuities and insurances.U.K.

(1)All immediate savings bank annuities shall be charged on the [F34National Loans Fund] and issued thereout . . . F35 at such times as the Treasury may direct.

(2)All deferred savings bank annuities and all savings bank insurances shall be charged on and paid out of the Government Annuities Investment Fund.

(3)In the event of any contract for a savings bank annuity or insurance being cancelled or varied in pursuance of this Part of this Act, or any error therein being corrected, the Commissioners may vary the charge on the [F34National Loans Fund], or on the Government Annuities Investment Fund, in such manner as may be necessary for carrying into effect such cancellation, variation or correction, and the Treasury may, if need be, create new securities in lieu of any securities which have been cancelled, and the securities so created shall be charged on the [F34National Loans Fund] and payable in like manner and be subject to the same conditions as the securities so cancelled.

42 Times of payment of annuities.U.K.

(1)All savings bank annuities shall be payable quarterly on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October, in each year.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F36

(3)On the expiry of a savings bank annuity by reason of the death of a single nominee or of the survivor of joint nominees, or of either of two joint nominees, a sum equal to one-fourth part of the annuity, over and above all quarterly arrears thereof, shall, if claimed within two years after the death of that nominee, but not otherwise, be payable to the person entitled to the annuity, or to his executors or administrators, as the case may be, at any time after the expiration of thirty days after proof of the death:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F37

(4)For the purposes of this section the expression “nominee” means a person on whose life the savings bank annuity depends.

43 Mode of payment of annuities and insurances.U.K.

All moneys becoming due on account of savings bank annuities and insurances shall be paid to the persons entitled thereto in accordance with regulations made under this Part of this Act.

44 Transfer of annuities and insurances.U.K.

(1)A savings bank annuity depending on the life of any person other than the person to whom it is granted may be transferred.

(2)Without prejudice to the generality of the foregoing subsection, the Commissioners may permit the transfer under such regulations as the Commissioners think fit—

(a)of a savings bank annuity granted jointly to two or more persons on the life of one of them, so, however, that the person on whose life the annuity depends is the transferee or one of the transferees;

(b)of a savings bank annuity granted to two or more persons on the joint lives of two or more persons, so, however, that all the persons on whose lives the annuity depends, or such of those persons as the Commissioners think fit, are the transferees or included amongst the transferees.

(3)Subject to the foregoing provisions of this section, a savings bank annuity shall not, nor shall any interest therein, be assignable so as to enable the assignee to receive the annuity during the lifetime of the proprietor, except in the case of the bankruptcy of an individual proprietor, in which case the annuity shall become the property of the trustee in bankruptcy; and in the case of such bankruptcy, the Commissioners shall repurchase the annuity according to the value thereof computed upon the tables upon which the annuity was originally purchased, and the receipt of the trustee shall be a sufficient discharge to the Commissioners who shall forthwith cancel the annuity:

(4)Any person entitled to a savings bank insurance may, after having duly paid for two years or upwards premiums thereon, assign his right and interest therein upon payment of such fee and on such conditions as may be fixed by regulations under this Part of this Act, and the assignee shall have all the rights and interests therein, including the right to sue, possessed by the assignor but no greater right or interest.

45 Commutation of insurances for annuities. U.K.

(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.

46 Provisions as to surrender of insurance and default in paying premium. U.K.

If a person entitled to a savings bank insurance, after having paid the premiums due thereon for a period of not less than two years, desires to surrender his policy, or makes default in the payment of premiums due in respect thereof, the Commissioners, at the option of the person entitled to the policy, shall pay him such sum of money as may be ascertained in accordance with the regulations under this Part of this Act, or shall grant to him such paid-up policy of insurance, or such an immediate or deferred savings bank annuity, as under the tables for the time being in force under this Part of this Act may be equivalent in value to the sum which under this section would be paid to him in money:

47 Application of Savings Banks Acts.U.K.

Subject to the provisions of this Part of this Act and the regulations made thereunder, all enactments for the time being in force relating to savings banks, and all regulations made in pursuance of those enactments, shall, so far as is consistent with the tenour thereof, apply for the purposes of this Part of this Act, and a person to whom a savings bank annuity or insurance has been granted shall be deemed for the purpose of those enactments and regulations to be a depositor in a savings bank:

(a)nothing in this Act shall exempt any person obtaining or becoming entitled to any savings bank insurance from any estate duty or stamp duty;

(b)for the purposes of arbitration references to trustees of savings banks shall, where necessary, be construed as references to the Commissioners.

48 Power to recover money in county courts.U.K.

(1)If payment of any sum of money alleged to be due under a savings bank insurance is refused by the Commissioners, the person entitled thereto may, if he thinks fit, instead of proceeding by arbitration in the manner provided by the enactments relating to savings banks as applied by this Part of this Act, take proceedings for recovering the amount claimed against the Commissioners in the county court [F38of the district in which the contract was entered into, or, with the consent of the Commissioners, in the county court within the district of which such person is resident].

For the purposes of this section the contract shall be deemed to have been entered into at the place where the insured person resided at the date specified in the contract as the date thereof.

(2)A county court in which proceedings may be taken under this section shall have jurisdiction in the matter, and the decision of the court thereon shall be final and shall not be subject to any appeal.

[F39(2A)For the purposes of this section, England and Wales is to be treated as the district of the county court in England and Wales.]

(3)In the application of this section to Scotland references to the sheriff court shall be substituted for references to the county court.

(4)In the application of this section to the Islands of Jersey or Guernsey, references to the Royal Courts of those islands, and in the application of this section to the Isle of Man, references to the Common Law Division (Summary Jurisdiction) of the High Court, shall be substituted for references to the county court.

49 Miscellaneous provisions as to annuities and insurances.U.K.

(1)Where a savings bank annuity or insurance has been granted to two or more persons they shall be entitled thereto as joint tenants.

(2)Where any person entitled to a savings bank annuity or insurance is insane or otherwise incapacitated from acting, then, subject to any regulations made under this Part of this Act, payment of the annuity or insurance may be made at such times and in such sums and to such persons as may seem proper and the receipt of those persons shall be a good discharge.

50 Unclaimed annuities.U.K.

The Commissioners shall on the fifth day of January in every year make up an account of all savings bank annuities which have remained unclaimed for the last three years, and all annuities so remaining unclaimed, together with the unclaimed quarterly arrears thereof, and all savings bank annuities which may have expired, and all quarterly arrears thereof, shall cease to be charged upon and shall not be issued out of the fund on which they are charged by this Part of this Act, as from the date from which they have remained so unclaimed or on which they have so expired:

51 Power of Commissioners to act through medium of Post Office and trustee savings banks.U.K.

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F40

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F41

52 Regulations. U.K.

(1)The Commissioners, with the concurrence of the Treasury, may make regulations as to the mode in which any sum payable by the Commissioners in respect of any savings bank annuity may be paid, and the manner in which a valid discharge is to be given to the Commissioners for any such payment, and payments made and discharges given in accordance with those regulations shall be valid notwithstanding anything in this or any other Act to the contrary.

(2)The Commissioners, with the concurrence of the Treasury, may make regulations for carrying out the provisions of this Part of this Act, . . . F42; and for the execution of contracts on behalf of the Commissioners by officers appointed for the purpose by the Commissioners, . . . F43 and the regulations so made shall provide—

(a)For proofs of age, identity, state of health, and such other matters as appear necessary or proper for the grant of annuities and insurances, and, in the case of an insurance for such sum not exceeding twenty-five pounds as may be fixed by the regulations, for diminishing the amount to be paid to the insured in the event of any regulation as to medical certificates or any other matters having been dispensed with; and

(b)For regulating the time and mode of making the payments to obtain savings bank annuities and insurances, and enabling them to be made out of the deposits in a savings bank; and

(c)For crediting the accounts of depositors in a savings bank with sums due in respect of savings bank annuities or insurances; and

(d)For regulating the mode of payment of savings bank annuities and insurances and the receipts to be given for the same; and

(e)For cancelling or varying contracts for the grant of annuities and insurances and correcting errors arising on any such grant; and

(f)For enabling a person to whom an insurance is granted to nominate a person to whom the money due under the insurance, not exceeding one hundred pounds, is to be paid, and for the discharge to be given therefor; and

(g)In the case of minors under the age of twenty-one years, for the making of contracts, the making of payments to obtain savings bank annuities and insurances out of the deposits in savings banks, the giving of receipts, and the doing of other acts, on their behalf; and the contracts and payments so made, the receipts so given, and the acts so done, shall be valid and binding on the minor . . . F44;

(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F44

(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F45

(4)Regulations made under this section, other than those made under subsection (1) thereof, shall be laid before Parliament, F46. . ..

53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F47U.K.

54 Application and investment of sums paid for annuities or insurances.U.K.

(1)All sums paid for savings bank . . . F48 insurances shall be paid into the Bank of England or the Bank of Ireland to the account of the Commissioners, and there carried to such account or accounts and under such title or titles as the Commissioners direct, but current outgoings as hereinafter defined may be defrayed thereout, either before or after payment into the bank.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F49

(3)All moneys received by the Commissioners . . . F48 for savings bank insurances, shall, subject as aforesaid, be paid into the Government Annuities Investment Fund . . . F48

(4)The expression “current outgoings” includes all sums payable by the Commissioners in respect of savings bank annuities or insurances, and also all such expenses of carrying into effect this Part of this Act as are payable out of the sums paid by persons for savings bank . . . F48 insurances.

All expenses incurred by any savings bank . . . F50 in the execution of this Part of this Act to such amount as may be from time to time allowed by the Commissioners (subject to the directions of the Treasury) shall be paid by the Commissioners, . . . F48

55 Certification of amounts payable on the several quarter days.U.K.

The Comptroller-General, acting under the Commissioners, shall within fourteen days preceding the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October, in each year, certify to the Treasury the amount on account of savings bank annuities which will become payable under this Part of this Act out of the [F51National Loans Fund] on each of those dates respectively, and the Treasury shall thereupon by warrant direct the issue out of the [F51National Loans Fund] to the account of the Commissioners of the sum specified in the certificate.

56 Validity of payments to executors and administrators.U.K.

Where probate or letters of administration have been granted to any person in respect of the estate of a person entitled to a savings bank annuity, the production of probate or letters of administration granted by any court in the United Kingdom, the Isle of Man or the Channel Islands shall be a sufficient authority to the Commissioners to pay to the person to whom the probate or letters of administration have been granted any sum which may be due on account of such annuity if the amount of the estate exceeds that sum.

57 Payment of small sums on death without letters of administration.U.K.

On the death of a person to whom any sum not exceeding [F52£5000] is due from the Commissioners in respect of any savings bank annuity, then, if the Commissioners so direct and subject to the regulations (if any) made by the Treasury, probate or other proof of the title of the personal representative of the deceased person may be dispensed with, and the said sum may be paid or distributed to or among the persons appearing to the Commissioners beneficially entitled to the personal estate of the deceased person, or to or among any one or more of those persons, or in the case of the illegitimacy of the deceased person or his children, to or among such persons as the Commissioners may think fit, and the Commissioners shall be discharged from all liability in respect of any such payment or distribution.

58 Exemption of certain documents from stamp duty.U.K.

No stamp duty shall be payable in respect of—

(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F53

(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F54

(c)any certificate or other instrument respecting the payment of money for a savings bank . . . F55 insurance; or

(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F56

59 Provisions as to warrants.U.K.

(1)Where any savings bank annuities are payable by warrants of the Commissioners the warrants may, subject to regulations made by the Commissioners, be sent by post.

(2)A warrant so sent by post shall be deemed to be a cheque of the Commissioners within the meaning of any enactment relating to cheques for the time being in force.

(3)Any person desirous of having a warrant for an annuity sent to him throught the post shall give to the Commissioners an address in the British Islands to which a letter containing the warrant is to be sent, and, subject to the provisions of any regulations made under this Part of this Act, the posting by the Commissioners of a letter containing the warrant addressed to an annuitant at his request at the address given by him to the Commissioners shall, as respects the liability of the Commissioners and of the [F57National Loans Fund], be equivalent to the delivery of the warrant to the annuitant himself.

(4)For the purposes of this section the expression “warrant” shall be deemed to include any draft order, cheque or other document for the time being used by the Commissioners as a medium for the payment of annuities under this Part of this Act.

60 Trusts not to be recognised.U.K.

No notice of any trust, express, implied or constructive, affecting any savings bank annuity or insurance (except such trusts as are for the time being recognised by law in relation to deposits in savings banks, and except such trusts as are provided for by section eleven of the M2Married Women’s Property Act 1882, or any other enactment relating to the property of married women) shall be entered upon any contract for such annuity or insurance, or in any deposit book relating thereto, nor shall any such notice be receivable by the Commissioners or any savings bank.

61 Punishment for fraudulently receiving annuity or insurance.U.K.

(1)If any person receives any payment in respect of any savings bank annuity after the death of the person at whose death the annuity is to cease, or receives the amount of any insurance payable at the death of a person before the death of that person, he shall be liable to pay to the Commissioners double the amount of the sum received with interest thereon at the rate of five per cent. per annum from the date of the receipt, recoverable in a county court [F58“ in Northern Ireland or the county court in England and Wales ”] or any other competent court.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F59

62 Punishment for false declarations, &c.U.K.

(1)If any one person by his own act holds or claims to be entitled to any savings bank annuities or insurances, which exceed in the whole the maximum annuity or insurance allowed by this Part of this Act to be granted to any one person, such person shall be liable, in the discretion of the Commissioners, to forfeit the whole or any part of such annuities or insurances.

(2)Any person who makes a false declaration in relation to any matter or thing required by this Part of this Act, or by the regulations made thereunder, or produces any false declaration or certificate, shall be liable, in the discretion of the Commissioners, to forfeit the whole or any part of the savings bank annuity or insurance to which the false declaration or certificate related, or for the purpose of obtaining which it was made or produced, and all or any part of the money paid for obtaining the annuity or insurance, or the Commissioners may, in lieu of all or any part of such forfeiture, adjust the contract made by such person so as to be in accordance with what it would have been if the false declaration or certificate had not been made or produced.

[F60(3)If, in F61. . . Northern Ireland, the Channel Islands or the Isle of Man, a person makes any such false declaration as aforesaid knowing the same to be false in any material particular, he shall, in addition to such forfeiture, be liable on conviction to imprisonment for a term not exceeding twelve months.

(4)If, in F61. . . Northern Ireland, the Channel Islands or the Isle of Man, a person in any declaration for purposes of this Part of this Act before any justice of the peace, magistrate, or officer of the Commissioners, wilfully makes any false statement or declaration, he shall be liable on conviction to be punished as if he were guilty of perjury.]

63 Forgery.U.K.

If, in Scotland, the Channel Islands or the Isle of Man, a person forges or with intent to defraud utters to any person acting under the authority of this Act:—

(a)Any register of birth, baptism, death or burial, required under the provisions of this Part of this Act, or any copy or certificate of any such register, or the name of any witness to any such certificate;

(b)Any declaration required to be taken for any of the purposes of this Part of this Act;

(c)Any certificate of any justice of the peace or magistrate of any such declaration having been taken before him or any certificate of any officer of the Commissioners;

(d)Any certificate of any person authorised under this Part of this Act to grant a certificate of the life or death of any annuitant;

(e)Any certificate of any cashier or clerk of the Bank of England or Bank of Ireland;

(f)The name of any person on any certificate or other instrument for the payment of money for the purchase of any annuity or insurance under the provisions of this Part of this Act;

(g)The name of any person on any receipt or discharge for any such annuity, or on any receipt or discharge for any payment due or to become due thereon, or for any sum payable under any insurance under the provisions of this Part of this Act;

(h)The name of any person on any certificate or other instrument authorising the receipt of any life annuity . . . F62 of whatsoever kind, or sum payable under any insurance, granted under this Part of this Act, or any payment due or to become due thereon;

he shall be liable on conviction to the like punishment as if he had been convicted of forgery.

64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F63U.K.

65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F64U.K.

66 Repeals and savings.U.K.

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F65

(2)This Part of this Act shall apply to all savings bank annuities and insurances granted before, and in force at, the commencement of this Act under any enactment repealed by this section, or any similar previous enactment, as if they had been granted under this Act:

(a)Nothing in this section shall affect the validity of any such annuity or insurance or the terms and conditions on which it was granted, F66...

(b)This Part of this Act shall apply to a savings bank annuity granted under any such repealed enactment before the eleventh day of October, nineteen hundred and twenty-four, subject to the modifications set forth in Part II of the Third Schedule to this Act.

(3)All regulations and tables made under any enactment repealed by this section shall continue in force and have effect as if they had been made under this Part of this Act.

(4)All powers of attorney and other instruments executed for the purpose of any savings bank annuity or insurance before, and in force at, the commencement of this Act shall continue in force and have the same validity as if this Act had not been passed.

Part IIIU.K. General

67 Provisions as to fund established under 27 & 28 Vict. c. 46.U.K.

(1)All moneys . . . F67 which . . . F67 form part of the Government Annuities Investment Fund, . . . F67, shall be held by the Commissioners applicable to meet the claims of such deferred annuities and insurances as are made payable thereout under this Act.

(2), (3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F68

(4)An account of all moneys . . . F67 paid into the fund and of the disposal thereof, and of all contracts for the grant of deferred annuities and insurances charged on the fund made in any calendar year, shall be laid before Parliament not later than the thirty-first day of March next following, showing—

(a)the amount of receipts during the year on contracts;

(b)the number and amount of payments made on account of contracts during the year;

(c)the amount of expenses during the year;

(d)the number and amount of new contracts entered into;

(e)the total number and amount of all current contracts at the end of the year;

(f)the whole amount of capital . . . F67;

(g)the average rate of interest received upon each class of investments;

(h)the table of mortality and the rate of interest used in calculating the premiums.

(5)The Commissioners shall prepare and transmit to the Treasury at the end of every five years a statement of the result of a valuation of the engagements entered into and the liabilities incurred during the preceding five years, and the assets applicable to meet the same, and if it appears that the amount of the liabilities is greater than that of the assets, the Treasury shall charge the deficiency upon the Consolidated Fund, and if it appears that the value of the assets is more than sufficient to discharge the liabilities, the Treasury shall direct that there be cancelled out of the securities held by the Commissioners an amount not exceeding four-fifths of that surplus.

(6)The Treasury shall, upon being satisfied at any time that the assets are not sufficient to meet the liabilities and upon a certificate to that effect under the hand of the Comptroller-General acting under the Commissioners, direct such sums to be issued out of the Consolidated Fund . . . F69 as may be necessary to meet the liabilities:

68 Powers of Comptroller-General and Assistant Comptroller.U.K.

Anything under this Act required or authorised to be done to by or in respect of the Commissioners may be done to by or in respect of the Comptroller-General or Assistant Comptroller acting under the Commissioners, and anything under this Act authorised to be done by the Comptroller-General, may be done by the Assistant Comptroller.

69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F70U.K.

70 Short title, commencement and extent.U.K.

(1)This Act may be cited as the Government Annuities Act 1929 . . . F71

(2)This Act shall extend to Northern Ireland.

(3)This Act shall extend to the Channel Islands and the Isle of Man, and the Royal Courts of the Channel Islands shall register it accordingly.

SCHEDULES

FIRST SCHEDULESU.K. . . . F72

SECOND SCHEDULESU.K. . . . F73

THIRD SCHEDULEU.K.

F74Part IU.K. Modifications with respect to Annuities granted before the Twenty-eighth day of June, Eighteen hundred and eighty-eight.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part IIU.K. Modifications with respect to Savings Banks Annuities granted before the Eleventh day of October, Nineteen hundred and twenty-four.

The annuities shall continue payable half-yearly on the fifth day of January and on the fifth day of July, or on the fifth day of April and the tenth day of October in each year, as the case may be; and references to quarterly days of payment and quarterly arrears shall be construed as references to such half-yearly days of payment and half-yearly arrears.