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.

7 U.K. In Schedule 32 (supplementary provisions about benefit crystallisation events)—

(a) in paragraph 1 (meaning of “the relevant pension schemes”: in certain cases means schemes of which the individual was a member immediately before death) after “5C” insert “ or 5D ”,

(b) in paragraph 4(1) (further provision about benefit crystallisation event 4) for the words from “if” to “purchased” substitute “if—

(a) the lifetime annuity or a related dependants' annuity or a related nominees' annuity is, or

(b) the lifetime annuity and a related dependants' annuity are, or

(c) the lifetime annuity and a related nominees' annuity are, or

(d) a related dependants' annuity and a related nominees' annuity are, or

(e) the lifetime annuity and a related dependants' annuity and a related nominees' annuity are,

purchased ”,

(c) in paragraph 14B (event 5C: meaning of “relevant two-year period”), and in the italic heading before that paragraph, for “event 5C” substitute “ events 5C and 5D ”, and

(d) in paragraph 14C(1) (event 5C: meaning of “relevant unused uncrystallised funds”), and in the italic heading before paragraph 14C, for “event 5C” substitute “ events 5C and 5D ”.