Version Superseded: 06/04/2006
Point in time view as at 22/07/2004.
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 6.
6(1)An annuity payable to the member is a short-term annuity if—U.K.
(a)it is purchased by the application of sums or assets representing the whole or any part of the member’s unsecured pension fund in respect of an arrangement,
(b)it is payable by an insurance company,
(c)the member 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 member reaches the age of 75, 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 3.
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