Finance Act 2015

This section has no associated Explanatory Notes

13(1)Schedule 28 (interpretation of the pension rules and the pension death benefit rules) is amended as follows.U.K.

(2)In paragraph 3(2B)(a) (power to make regulations about cases where lifetime annuity ceases to be payable by insurance company) after “dependants' annuity” insert “, nominees' annuity”.

(3)In paragraph 6(1B)(a) (power to make regulations about cases where short-term annuity ceases to be payable by insurance company) after “dependants' annuity” insert “, nominees' annuity”.

(4)In paragraph 27E(3) (meaning of “unused drawdown funds”)—

(a)in paragraph (b), for “derive.” substitute “ derive, ”, and

(b)after paragraph (b) (but not as part of it) insert—

and since the member's death they have not been designated as available for the payment of dependants' drawdown pension, not been designated as available for the payment of nominees' drawdown pension, not been applied towards the provision of a dependants' annuity, not been applied towards the provision of a nominees' annuity and not been applied towards the provision of a dependants' scheme pension.

(5)In paragraph 27E(4)(b) and (5) (meaning of “unused uncrystallised funds”) after “not been applied towards the provision of a dependants' annuity” insert “, not been applied towards the provision of a nominees' annuity”.

(6)In paragraph 27K(3) (meaning of “unused drawdown funds of the beneficiary's”)—

(a)in paragraph (b) for “derive.” substitute “ derive, ”, and

(b)after paragraph (b) (but not as part of it) insert—

and since the beneficiary's death they have not been designated as available for the payment of successors' drawdown pension and not been applied towards the provision of a successors' annuity.