Annuity procurement requirement: trustees must secure beneficiary annuities via approved insurers or by purchasing annuities at exit. Trustees must provide annuities for beneficiaries by (i) entering into an insurance scheme with the Life Insurance Corporation or any other approved insurer, or (ii) accumulating each beneficiary's contributions and purchasing an annuity from such an insurer at retirement, death or pre-retirement incapacity; funds constituted under an irrevocable trust solely to make pension or family pension payments under specified central enactments are exempt from this requirement.