36U.K.Schedule 28 to FA 2004 (registered pension schemes) is amended as follows.
37U.K.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.”
38U.K.In paragraph 6 (definition of member's short-term annuity) after sub-paragraph (1) insert—
“(1ZA)For the purposes of this Part, but subject to any provision made under sub-paragraph (1C)(za), an annuity payable to the member is also a short-term annuity if—
(a)it is purchased by the application of sums or assets representing the whole or any part of the member's drawdown pension fund, or of the member's flexi-access drawdown fund, in respect of an arrangement,
(b)it is payable by an insurance company,
(c)the member becomes entitled to it on or after 6 April 2015, and
(d)it is payable for a term which does not exceed five years.”
39U.K.In paragraph 17 (definition of dependants' annuity) after sub-paragraph (1) insert—
“(1ZA)For the purposes of this Part, but subject to any provision made under sub-paragraph (4)(za), an annuity payable to a dependant is also a dependants' annuity if—
(a)either—
(i)it is purchased together with a lifetime annuity payable to the member and the member becomes entitled to that lifetime annuity on or after 6 April 2015, or
(ii)it is purchased after the member's death and the dependant becomes entitled to it on or after 6 April 2015,
(b)it is payable by an insurance company,
(c)where the dependant is not the member's child, it is payable until the dependant's death or until the earliest of the dependant's marrying, entering into a civil partnership or dying, and
(d)where the dependant is the member's child, it is payable until the earlier of the dependant's ceasing to be a dependant or dying, or until the earliest of the dependant's marrying, entering into a civil partnership, ceasing to be a dependant or dying.”
40U.K.In paragraph 20 (definition of dependants' short-term annuity) after sub-paragraph (1) insert—
“(1ZA)For the purposes of this Part, but subject to any provision made under sub-paragraph (1C)(za), an annuity payable to a dependant is also a dependants' short-term annuity if—
(a)it is purchased by the application of sums or assets representing the whole or any part of the dependant's drawdown pension fund, or of the dependant's flexi-access drawdown fund, in respect of an arrangement,
(b)it is payable by an insurance company,
(c)the dependant becomes entitled to it on or after 6 April 2015, and
(d)it is payable for a term which does not exceed five years and ends before the dependant dies.”