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Finance Act 2015
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14(1)Paragraph 3 of Schedule 29 (interpretation of the lump sum rule: meaning of “the applicable amount”) is amended as follows.U.K.
(2)In sub-paragraph (4) (amount applied to purchase certain annuities) after “any related dependants' annuity” insert “and any related nominees' annuity”.
(3)After sub-paragraph (4A) (when a dependants' annuity is related to a lifetime annuity) insert—
“(4B)For the purposes of this Part a nominees' annuity is related to a lifetime annuity payable to a member of a registered pension scheme—
(a)if they are purchased either in the form of a joint life annuity or separately in circumstances in which the day on which the one is purchased is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased, and
(b)the nominees' annuity will be payable to a nominee of the member.”
(4)In sub-paragraph (5) (deductions in calculating applicable amount) after “any related dependants' annuity”, in both places, insert “or any related nominees' annuity”.
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