These notes were written after a meeting of the Students' Society at which Mr A. W. Joseph submitted some problems in reversions concerning the valuation of an annuity. It has been my experience that where a case is submitted to an actuary ‘for valuation of an annuity’ it is imperative to obtain precise instructions on the circumstances and purpose of the valuation and the exact nature of the interests to be valued. It frequently turns out that the valuation to be made does not entail the valuation of an annuity. The following paragraphs may help to indicate what may be required in a number of cases.