The director said one increasing problem in 2011 was in the misuse of variable hour contracts, which are sometimes called zero hour contracts.

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They were issued by Manulife (subsequently taken over by John Hancock) and were called Flexible Purchase Payment Deferred Combination Fixed and Variable Annuity Contracts Non- Participating.

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Transactions executed through variable prepaid forward contracts and share-lending agreements are intended to raise money but defer taxes.

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The methods the super rich use to defer paying capital gains taxes, such as variable pre-paid forward contracts (PVFs), are perfectly legal tax-reduction strategies available to anyone.

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Mutual funds now find themselves in a redemption phase as do hedge funds and insurance underwriters who are major players in variable annuities, guaranteed investment contracts and mutual funds.

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