25 The pension and annuity requirements.N.I.
(1)For the purposes of section 24 a pension complies with the pension requirements if—
[F1(a)in the case of an occupational pension scheme it commences on a date—
(i)not earlier than the member’s 60th birthday, and
(ii)not later than his 65th birthday,
or on such later date as has been agreed by him, and continues until the date of his death, or
(aa)in the case of a personal pension scheme—
(i)where the member has elected under section 24(1A) to receive payments under an interim arrangement, it commences on the termination date, and continues until the date of the member’s death or, where section 24A(2) applies, until the death of the member’s widow or widower, or
(ii)otherwise, it commences on such a date as had been agreed by the member and is not earlier than his 60th birthday nor later than his 75th birthday, and continues until the date of his death;]
(b)in a case where the member dies while it is payable to him and is survived by a widow or widower—
(i)it is payable to the widow or widower in prescribed circumstances and for the prescribed period at an annual rate which at any given time is one-half of the rate at which it would have been payable to the member if the member had been living at that time; or
(ii)where that annual rate would not exceed a prescribed amount and the circumstances are such as may be prescribed, a lump sum calculated in [F2the prescribed manner] is provided in lieu of it.
(2)As respects the period of 5 years beginning with the commencement of the pension referred to in subsection (1), that subsection shall have effect in relation to that pension as if the words “at least” were inserted immediately before the words “one-half” in paragraph (b)(i).
(3)For the purposes of section 24 an annuity complies with the annuity requirements if—
(a)it satisfies the requirements mentioned in subsections (1) and (2) (taking the references in those subsections to pensions as references to annuities); and
(b)it is provided by an insurance company which—
(i)satisfies prescribed conditions;
(ii)complies with such conditions as may be prescribed as to the calculation of annuities provided by it and as to the description of persons by or for whom they may be purchased; and
(iii)subject to subsection (4), has been chosen by the member [F3or, where section 24A(2) applies, the member’s widow or widower.].
(4)A member [F4(or a member’s widow or widower)] is only to be taken to have chosen an insurance company if he gives notice of his choice to the trustees or managers of the scheme within the prescribed period and in such manner and form as may be prescribed, and with any such supporting evidence as may be prescribed; and, if he does not do so, the trustees or managers may themselves choose the insurance company instead.
Textual Amendments
F1S. 25(1)(a)(aa) substituted (14.3.1996 for certain purposes otherwise 6.4.1996) for s. 5(1)(a) by S.I. 1995/3213 (N.I. 22), art. 141(2); S.R. 1996/91, art. 2(b), Sch. Pt. II
F2Words in s. 25(1)(b)(ii) substituted (6.4.1996 for specified purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 28; S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)
F3Words in s. 25(3)(b)(iii) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 141(3); S.R. 1996/91, art. 2(b), Sch. Pt. II
F4Words in s. 25(4) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 141(4); S.R. 1996/91, art. 2(b), Sch. Pt. II