SCHEDULES

SCHEDULE 1Pension flexibility etc

Part 2Annuities

Reduction of restrictions on new annuities

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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.