it is purchased by the application of sums or assets representing the whole or any part of the F5member's drawdown pension fund in respect of an arrangement,

it is payable by an insurance company,

the member had an opportunity to select the insurance company,

it is payable for a term which does not exceed five years F6..., and

its amount either cannot decrease or falls to be determined in any manner prescribed by regulations made by the Board of Inland Revenue.

sums or assets (or both) are transferred from the insurance company to another insurance company and are applied towards the provision of either another short-term annuity (a “new short-term annuity”) or a scheme pension, lifetime annuity, dependants' scheme pension, dependants' annuity or dependants' short-term annuity by the other insurance company, or

sums or assets are transferred to the relevant registered pension scheme.

in a case where a new short-term annuity becomes payable, the new short-term annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original short-term annuity, and

in any other case, the relevant registered pension scheme is to be treated as making an unauthorised payment to the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred.