Question:
I intend to emigrate after retirement. What is the usual way in this case to prove that the retiree is still alive? Is such proof required in the case of a living annuity?
Answer:
George,
On request, you will need to submit proof that you are still alive. This may entail getting your local authority or police station to certify your statement confirming that you are still alive (eg with reference to your ID document and other supporting proof).
This is more critical for a conventional (rather than a living) annuity as the capital dies with the owner. With a living annuity, the capital does not die; the provider is not at risk of paying out more than required - payments simply cease when the capital is exhausted. In this case, it is actually in the interest of the nominated beneficiaries to inform the annuity provider of the owner' s death, so that they can get hold of the remaining money.
