An Annuity Contract is a contract under which the issuer agrees to make payments for a period, determined in whole or in part by reference to the life expectancy of one or more individuals. For UK purposes, this covers all annuities as outlined in the Insurance Policyholder Taxation Manual at [IPTM4000].The following are not considered to be reportable Annuity Contracts for automatic exchange of information purposes:
- Pension annuities – these are excluded products, see,
- Immediate needs annuities as described at IPTM6205 – these are excluded products, see
- Periodic payment orders.
Reinsurance of Annuity Contracts between insurance companies are not annuities.