Glossary

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Term Definition Legal instruments

partnership pension society

01/07/2016

THIS DEFINITION ONLY APPLIES TO THE FRIENDLY SOCIETY - REPORTING PART

means an unincorporated friendly society, which satisfies the following conditions:

(1) the purpose of the society is to effect or carry out unit-linked contracts to pay annuities on human life;

(2) the assets of each member of the society are separately identifiable;

(3) the assets of each member of the society are invested solely or primarily by him or in accordance with his instructions;

(4) the value of each member of the society’s assets is entirely dependent on the performance of those assets;

(5) no member of the society has a contract which comprises, or includes, a cash guarantee; and

(6) no member of the society has a contract which is an annuity in payment.