An annuity payable to a member qualifies as a lifetime annuity if it is payable by an insurance company until the member's death or until the later of that death and the end of a specified term, and the member became entitled to it on or after 6 April 2015 (FA 2004, Sch. 28, para. 3(1A)). In contrast to the previous position, (see below), there is no maximum fixed term and no restrictions on decreasing the amount of the annuity.
However an annuity which would otherwise be a lifetime annuity, will not be so regarded if;