Part 2 Annuities
Taxation of Pensions Act 2014 (2014 c 30) | Legislation

Part 2 Annuities

Reduction of restrictions on new annuities

36

Schedule 28 to FA 2004 (registered pension schemes) is amended as follows.

37

In paragraph 3 (definition of member's lifetime annuity) after sub-paragraph (1) insert—

“(1A)     For the purposes of this Part, but subject to any provision made under sub-paragraph (2C)(za), an annuity payable to the member is also a lifetime annuity if—

(a)     it is payable by an insurance company,

(b)     the member becomes entitled to it on or after 6 April 2015, and

(c)     it is payable until the member's death or until the later of the member's death and the end of a term certain.â€

38

In paragraph 6 (definition of member's short-term annuity) after sub-paragraph (1) insert—

“(1ZA)     For the purposes of this Part, but subject to any provision made under sub-paragraph (1C)(za), an annuity payable to the member is also a short-term annuity if—

(a)     it is purchased by the application of sums or assets representing the whole or any part of the member's drawdown pension fund, or of the member's flexi-access drawdown fund, in respect of an arrangement,

(b)     it is payable by an insurance company,

(c)

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