Government Annuities Act (R.S.C. 1970, c. G-6)

Marginal note:Death of annuitant before annuity payable

• 12 (1) When the annuitant or last survivor of joint annuitants dies before the annuity becomes payable, and any moneys have been paid or deposited as consideration for the annuity, such moneys shall be repaid to the purchaser or to his legal representatives, with interest thereon at the rate of four per cent per annum, compounded yearly; but if there is an express agreement between the Minister and the purchaser as to dealing with such moneys, then they shall be paid as provided in such agreement.

• Marginal note:When term unexpired

  (2) When, under the annuity contract, the annuity is payable for a term of years certain or for the life of the annuitant, whichever period is the longer, and the annuitant dies before the expiration of that term of years certain, the annuity shall, during the unexpired portion of that term, be paid to the purchaser or to his legal representatives; but if there is an express agreement to the contrary between the Minister and the purchaser, the annuity shall be paid as provided in such agreement.