Finance (No. 2) Act 2023 (c. 30)

Part 1 U.K. Income tax, corporation tax and capital gains tax

Provisions relating to insurance U.K.

33 Insurers in difficulties: write-down orders in case of pension schemes U.K.

(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).”