M v M (14/26868)
M v M (14/26868) [2016] ZAGPJHC 387 (10 August 2016)
The court found that the living annuity acquired by the plaintiff from his pension fund during the marriage is strictly regulated by statute and does not vest the capital in the annuitant. The capital is owned by the insurer and is not accessible, assignable, or available for commutation by the plaintiff. The statutory framework, including General Notice 18 and the Income Tax Act, establishes that the annuitant only has a right to the income stream, not the underlying capital. The ability to nominate beneficiaries or adjust drawdown rates does not alter the fundamental nature of the annuity a…
Source excerpt
- Accrual System
- Living Annuity
- Matrimonial Property Act
- Income Tax Act
- Estate Calculation