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Finance Act 2015

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This is the original version (as it was originally enacted).

Dependants’ and nominees’ annuities: testing against deceased member’s lifetime allowance

This section has no associated Explanatory Notes

7In Schedule 32 (supplementary provisions about benefit crystallisation events)—

(a)in paragraph 1 (meaning of “the relevant pension schemes”: in certain cases means schemes of which the individual was a member immediately before death) after “5C” insert “or 5D”,

(b)in paragraph 4(1) (further provision about benefit crystallisation event 4) for the words from “if” to “purchased” substitute if—

(a)the lifetime annuity or a related dependants’ annuity or a related nominees’ annuity is, or

(b)the lifetime annuity and a related dependants’ annuity are, or

(c)the lifetime annuity and a related nominees’ annuity are, or

(d)a related dependants’ annuity and a related nominees’ annuity are, or

(e)the lifetime annuity and a related dependants’ annuity and a related nominees’ annuity are,

purchased,

(c)in paragraph 14B (event 5C: meaning of “relevant two-year period”), and in the italic heading before that paragraph, for “event 5C” substitute “events 5C and 5D”, and

(d)in paragraph 14C(1) (event 5C: meaning of “relevant unused uncrystallised funds”), and in the italic heading before paragraph 14C, for “event 5C” substitute “events 5C and 5D”.

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