The Government commenced granting life annuities as early as 1808 and under various schemes after that date accounts were set up for the purpose of receiving stock and cash in consideration of the grant of life annuities.
Government life annuities could be purchased through CRND, Trustee Savings Banks and the Post Office [later the Department for National Savings and now National Savings and Investments (NS&I)] until 1962, when Treasury Ministers decided to close the scheme to new applicants due to declining public demand. The majority of annuities still in existence are payable quarterly although one of half-yearly annuity (payable through NS&I) still remains.
This account was opened in 1885 and survives for the purpose of paying life annuities still in existence.
Sums are drawn quarterly from the NLF against a certificate from CRND to meet payments due after allowing for annuities ceased on death in the previous quarter, fourth parts payable after death and annuities becoming unclaimed or reclaimed.
Payments are made to CRND annuitants by post, or through a bank, after submission by the annuitant of a life certificate.
Payments of the totals of instalments due for each quarter are sent to NS&I who then make payments to their annuitants.
The combined annual report and accounts of the miscellaneous CRND accounts can be found here.