1. Rennie had four different living annuity policies with the same insurer. On 7 July 2020, the values in those policies were as follows:
   Annuity 1: R120,000. Rennie took a lump sum of R250,000 at retirement.
   Annuity 2: R75,500. Rennie did not take a lump sum at retirement.
   Annuity 3: R246,000. Rennie did not take a lump sum at retirement.
   Annuity 4: R100,000. Rennie took a lump sum of R70,000 at retirement.
   Which of the following options were available to Rennie on 7 July 2020?
   i.   If an annuitant had already taken a lump sum at retirement, he was allowed to commute a living annuity if its value fell below R50,000. Rennie could therefore not commute Annuity 1 as its value was above R50,000.
   ii. If an annuitant had not taken a lump sum at retirement, he was allowed to commute a living annuity if its value fell below R75,000. Rennie could therefore not commute Annuity 2 as its value was above R75,000.
   iii. Rennie could commute Annuity 3 as its value was below the de minimis of R247,500.
   iv. Rennie could not commute his annuities as the total value of all the policies exceeded the prescribed maximum.
   v. Rennie could commute all the policies.
   Choose the correct option.

	a.	i and ii.
	b.	iii and v.
	c.	i, ii and iv.
	d.	i, ii, iii and iv.
	e.	None of the above.