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).