Part 1Income tax, corporation tax and capital gains tax
Provisions relating to insurance
33Insurers in difficulties: write-down orders in case of pension schemes
1
In Part 4 of FA 2004 (pension schemes), Schedule 28 (registered pension schemes: authorised pensions - supplementary) is amended as follows.
2
In paragraph 3 (definition of “lifetime annuity”), in sub-paragraph (2A)—
a
the words after “by reason of the operation of” become paragraph (a);
b
at the end of that paragraph insert “, or”
;
c
after that paragraph insert—
b
an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer).
3
In paragraph 17 (definition of “dependants’ annuity”), in sub-paragraph (2)—
a
the words after “by reason of the operation of” become paragraph (a);
b
at the end of that paragraph insert “, or”
;
c
after that paragraph insert—
b
an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer).