Part 1 Death Benefits for Nominees, Successors and Dependants
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 4 Pension Flexibility: Annuities etc

Section 34

Part 1 Death Benefits for Nominees, Successors and Dependants

Introductory

1

Part 4 of FA 2004 is amended as follows.

Nominees' annuities and successors' annuities to be authorised payments

2

(1)     Section 167(1) (the pension death benefit rules) is amended as follows.

(2)     In pension death benefit rule 3A (payments that may, by way of exception, be made to a nominee) after “other than†insert “a nominees' annuity in respect of a money purchase arrangement orâ€.

(3)     In pension death benefit rule 3B (payments that may, by way of exception, be made to a successor) after “other than†insert “a successors' annuity in respect of a money purchase arrangement orâ€.

Nominees' annuities and successors' annuities: definitions

3

(1)     Part 2 of Schedule 28 (interpretation of the pension death benefit rules) is amended as follows.

(2)     After paragraph 27A insert—

“Nominees' annuity
27AA

(1)     For the purposes of this Part an annuity payable to a nominee is a nominees' 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

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