The tables (see p.44) show the annuity which £100 of 2 1/2 per cent. stock will purchase, to con- tinue during the life of a nominee at the re- spective ages and according to the prices of 2 1/2 per cent. stock therein stated. It will be seen that in the case of money being paid for the purchase of the annuity, the higher the price of Consols the dearer will be the purchase. Thus, a female buying an annuity at the age of fifty, amounting to £5 19s. 8d. per annum, and Consols being at par, or 100, would, if she paid for it in money, have to expend £100. But suppose Consols to be at 108 (as they are at present) she would have to pay £108 for the same annuity.
Tables relating to annuities on joint lives and to deferred annuities may be obtained at the National Debt Office, 19, Old Jewry, London, by application direct, or through a bank.
No person under the age of fifteen can be ap- pointed the nominee for any life annuity.
Life annuities are payable quarterly at the National Debt Office, in the form of a warrant on the Bank of England, either on personal demand, or through a bank by Power of Attor- ney; or they can be transmitted to the pro- prietor by post. The fixed dates are the fifth of January, the fifth of April, the fifth of July, and the fifth of October in each year.
The first quarterly payment of annuities will become due as follows, namely: On annuities purchased between the first of December and the last day of February, on the fifth of April next following the day of purchase.
Between the first of March and the last day of
May, on the fifth of July next following.
Between the first of June and the last day of
August, on the fifth of October next following.
Between the first of September and the last day of November, on the fifth of January next following.
No sum less than £100 of stock or money can be received in the first instance, but it may be added to subsequently in sums of not less than £20.
Upon the expiration of any life annuity a sum equal to one-fourth of the annuity (over and above all quarterly arrears thereof) will be paid to the representatives of the annuitant, if claimed within two years after such expiration.