121(1)Regulation 17 (payments to insurance companies from drawdown pension funds) is amended as follows.
(2)In paragraph (2), for “percentage of standard lifetime allowance” substitute “amount of the member’s lump sum allowance, and the amount of the member’s lump sum and death benefit allowance,”.
(3)In paragraph (3)—
(a)for “percentage of the standard lifetime allowance” substitute “amount of the member’s lump sum allowance, and the amount of the member’s lump sum and death benefit allowance,”;
(b)for “percentage expended” substitute “amount expended”.
(4)In paragraph (5)—
(a)in sub-paragraph (a)—
(i)in the words before paragraph (i), for “percentages of standard lifetime allowance” substitute “amounts of the member’s lump sum allowance, and the sum of the amounts of the member’s lump sum and death benefit allowance,”;
(ii)in paragraph (i), for “benefit crystallisation events” substitute “relevant benefit crystallisation events”;
(iii)in paragraph (ii), for “benefit crystallisation event” substitute “relevant benefit crystallisation event”;
(b)in sub-paragraph (b), in the words before paragraph (i), for “percentages of standard lifetime allowance” substitute “amounts of the member’s lump sum allowance, and the sum of the amounts of the member’s lump sum and death benefit allowance,”.
(5)In paragraph (7)—
(a)in sub-paragraph (a)—
(i)in the words before paragraph (i), for “percentages of standard lifetime allowance” substitute “amounts of the member’s lump sum allowance, and the sum of the amounts of the member’s lump sum and death benefit allowance,”;
(ii)in paragraph (i), for “benefit crystallisation events” substitute “relevant benefit crystallisation events”;
(iii)in paragraph (ii), for “benefit crystallisation events” substitute “relevant benefit crystallisation events”;
(b)in sub-paragraph (b), in the words before paragraph (i), for “percentages of standard lifetime allowance” substitute “amounts of the member’s lump sum allowance, and the sum of the amounts of the member’s lump sum and death benefit allowance,”.