I. Equity-linked contracts have been the subject of discussions at the Faculty of Actuaries (J. B. Maclean, T.F.A.23, 327), the Institute of Actuaries Students' Society (R. H. Blunt and L. H. Lane, J.S.S.14, 259) and the Institute of Actuaries (J.I.A.84, 37). The papers delivered and the discussions devoted considerable space to the question of the desirability, from the point of view of both the industry and the public, of the issue of such contracts.

Since these discussions, several offices have entered the market both for assurances and for ‘self-employed’ annuity contracts, and this paper, recognizing the de facto position, is concerned with practical points arising from the issue of the contracts.