Pensions and annuities limited to taxation in the recipient's state; annuity defined by periodic payments for adequate consideration.

Pensions and annuities paid to a resident of a Contracting State in consideration of past employment are taxable only in that State. "Annuity" means a stated sum payable periodically during life or a specified period under an obligation to make payments in return for adequate and full consideration in money or money's worth.

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