The new investigation which is the subject of the present report relates to the experience of the years 1900-1920. The observations include the lives on which all Government life annuities have been granted, the experience under Savings Bank annuities being brought under examination for the first time. The experience under the two classes of annuities, which may for convenience be termed, respectively, National Debt Annuities and Savings Bank Annuities, has been separately investigated, and the broad results elicited are shown separately below.