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Land Purchase Annuity Discounted Buy-out Scheme

A special buy-out scheme designed to provide Land Purchase/Reclamation annuitants with an opportunity to redeem their annuities at a discounted price is currently in operation. The scheme commenced on 1 January 2006 and, though due to terminate on 30 June 2006, was extended to 31 October 2006. The extension was provided so as to facilitate those annuitants who were anxious to buy out their annuities under the scheme but who needed additional time to organise the necessary finance.

To date some 1,541 annuitants out of a possible 2,150 have availed of the terms of the scheme. These annuitants have each received a 25% discount off the capital sum outstanding on their accounts and now enjoy the benefit of ownership of their land, free from any further annuity payment to the Department.

There is still time for those annuitants who have not yet taken up the scheme to do so before this opportunity expires.

The Scheme will end on 31 October 2006.

23 October, 2006

Date Released: 23 October 2006