20(1)An annuity payable to a dependant is a dependants' short-term annuity if—
(a)it is purchased by the application of sums or assets representing the whole or any part of the dependant’s unsecured pension fund in respect of an arrangement,
(b)it is payable by an insurance company,
(c)the dependant had an opportunity to select the insurance company,
(d)it is payable for a term which does not exceed five years and ends before the dependant reaches the age of 75 or dies, and
(e)it is either a level annuity, an increasing annuity or a relevant linked annuity.
(2)“Level annuity”, “increasing annuity” and “relevant linked annuity” have the same meaning as in paragraph 17.