SCHEDULES

SCHEDULE 1Pension flexibility etc

Part 2Annuities

Reduction of restrictions on new annuities

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.