C M v E M (1086/2018)
C M v E M (1086/2018) [2020] ZASCA 48; [2020] 3 All SA 1 (SCA); 2020 (5) SA 49 (SCA) (5 May 2020)
The Supreme Court of Appeal held that while the capital underlying the respondent's living annuities is owned by the insurer and not accessible to the annuitant, the respondent's right to future annuity payments constitutes an asset in his estate for purposes of accrual calculation upon divorce. The court rejected the argument that the annuities are 'trust property' under the Financial Institutions Act, finding no fiduciary relationship or statutory indication to that effect. The court distinguished Commissioner, South African Revenue Service v Higgo as dealing with a different type of annuit…
Source excerpt
- Accrual System
- Living Annuity
- Divorce Act
- Matrimonial Property
- Valuation Of Annuity Rights
- Trust Property