Commutation of annuity limited by gratuity status; commuted value determined by recipient's age, health, interest and mortality. Commutation of annuity is capped according to gratuity status: if gratuity is received, the commuted value of one third of the annuity; otherwise the ... Summary
Commutation of annuity limited by gratuity status; commuted value determined by recipient's age, health, interest and mortality.
Commutation of annuity is capped according to gratuity status: if gratuity is received, the commuted value of one third of the annuity; otherwise the commuted value of one half. The commuted value is to be calculated with regard to the recipient's age and health, the rate of interest and officially recognised mortality tables.
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