Common use of Non-Retirement Savings Accounts Clause in Contracts

Non-Retirement Savings Accounts. An account maintained in Jersey (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of Jersey. a) The account is subject to regulation as a savings vehicle for purposes other than for retirement; b) The account is tax-favoured (i.e. contributions to the account that would otherwise be subject to tax under the laws of Jersey are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); c) Annual contributions are limited to £15,000 or less, applying the rules set forth in paragraph C of section VI of Annex I for account aggregation and currency translation; d) Contributions into the account can only be made by a resident of Jersey.