PART XIV PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.

C1CHAPTER IV PERSONAL PENSION SCHEMES

Annotations:
Modifications etc. (not altering text)

Restrictions on approval

634 Annuity to member.

M11

The annuity must be payable by an authorised insurance company which may be chosen by the member.

2

Subject to subsection (3) below, the annuity must not commence before the member attains the age of 50 or after he attains the age of 75.

3

The annuity may commence before the member attains the age of 50 if—

a

it is payable on his becoming incapable through infirmity of body or mind of carrying on his own occupation or any occupation of a similar nature for which he is trained or fitted; or

b

the Board are satisfied that his occupation is one in which persons customarily retire before that age.

4

Subject to subsection (5) below, the annuity must be payable to the member for his life.

5

The annuity may continue for a term certain not exceeding ten years, notwithstanding the member’s death within that term; and for this purpose an annuity shall be regarded as payable for a term certain notwithstanding that it may terminate, after the death of the member and before expiry of that term, on the happening of any of the following—

a

the marriage of the annuitant;

b

his attaining the age of 18;

c

the later of his attaining that age and ceasing to be in full-time education.

6

The annuity must not be capable of assignment or surrender, except that an annuity for a term certain may be assigned by will or by the annuitant’s personal representatives in the distribution of his estate so as to give effect to a testamentary disposition, or to the rights of those entitled on an intestacy, or to an appropriation of it to a legacy or to a share or interest in the estate.