It is common practice in the market that members of retirement annuity funds, upon retirement, purchase an untied annuity from an insurance company.
Because an annuity always constitutes ‘gross income’ and is always subject to income tax, it is important to understand what constitutes an annuity.
Here is an amazing article from Benchtest 12.2014, circulated on 26 January 2015. Ten years later, every prediction has materialised as if David Murrin had a hand steering their realisation!