Annuities Purchased Where Certain Claims or Actions are Settled

Part of New clause 13 – in the House of Commons at 4:20 pm on 3rd April 1995.

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329A.—(l) In a case where—

  1. (a) an agreement is made settling a claim or action for damages for personal injury,
  2. (b) under the agreement the damages are to consist wholly or partly of periodical payments, and
  3. (c) under the agreement the person entitled to the payments is to receive them as the annuitant under one or more annuities purchased for him by the person against whom the claim or action is brought or, if he is insured against the claim concerned, by his insurer,
the agreement is for the purposes of this section a qualifying agreement.