Finance Act 2015 (c. 11)

SCHEDULES

SCHEDULE 4 U.K. Pension flexibility: annuities etc

PART 1 U.K. Death benefits for nominees, successors and dependants

Dependants' and nominees' annuities: testing against deceased member's lifetime allowance U.K.

4 (1) In section 216(1) (benefit crystallisation events and amounts crystallised) the table is amended as follows. U.K.

(2) In the second column of the entry relating to benefit crystallisation event 4, after “any related dependants' annuity” insert “and any related nominees' annuity”.

(3) After the entry relating to benefit crystallisation event 5C insert—

“5D. A person becoming entitled, on or after 6 April 2015 but before the end of the relevant two-year period, to a dependants' annuity or nominees' annuity in respect of the individual if— (a) the annuity is purchased using (whether or not exclusively) relevant unused uncrystallised funds, and (b) the individual died on or after 3 December 2014

The aggregate of— (a) the amount of such of the sums, and (b) the market value of such of the assets, applied to purchase the annuity as are relevant unused uncrystallised funds”