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short-term annuity

    37(as defined in paragraph 6 of Schedule 28 to the Finance Act 2004) in relation to a member of a pension scheme, an annuity payable to the member if:

    (A) the member becomes entitled to it before 6 April 2015 and:148

      1. (a) it is purchased by the application of sums or assets representing the whole or any part of the member's101 drawdown101 pension fund (as defined in paragraph 8 of that Schedule) in respect of an arrangement;
      1. (b) it is payable by an insurance company;
      1. (c) the member had an opportunity to select an insurance company;
      1. (d) it is payable for a term which does not exceed five years; and101
      1. (e) it is either a level annuity, an increasing annuity or a relevant linked annuity; or148

    (B) the member becomes entitled to it on or after 6 April 2015; and 148

      1. (a) it is purchased by the application of sums or assets representing the whole or any part of the member’s:148
        1. (i) drawdown pension fund (as defined in paragraph 8 of that Schedule) for an arrangement; or148
        1. (ii) flexi-access drawdown pension fund (as defined in paragraph 8A of that Schedule) for an arrangement; and148
      1. (b) it is payable by an insurance company; and148
      1. (c) it is payable for a term which does not exceed five years.148