SCHEDULES

SCHEDULE 32Registered pension schemes: benefit crystallisation events—supplementary

Benefit crystallisation events 2 and 4: early lifetime annuities

7(1)This paragraph has effect if—

(a)the individual becomes entitled before reaching normal minimum pension age to the payment of a lifetime annuity purchased under a money purchase arrangement under any of the relevant pension schemes, and

(b)the ill-health condition is not satisfied immediately before the individual becomes so entitled.

(2)Benefit crystallisation event 2 applies as if—

(a)the lifetime annuity were a scheme pension under the pension scheme, and

(b)the individual becomes entitled to it only on reaching normal minimum pension age.

(3)Benefit crystallisation event 4 does not apply in relation to the lifetime annuity.