Annuity funding rules require trustees to use insurance schemes or annuity purchases, with a narrow pension fund exclusion. Trustees must provide annuities to beneficiaries either by entering into an insurance scheme with the Life Insurance Corporation or another insurer, or by accumulating contributions and purchasing an annuity on retirement, death, or earlier incapacitation of an employee. The rule does not apply to an irrevocable trust fund whose sole purpose is payment of pension or family pension under specified banking and financial institution enactments.