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:149

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;
2. (b) it is payable by an insurance company;
3. (c) the member had an opportunity to select an insurance company;
4. (d) it is payable for a term which does not exceed five years; and101
5. (e) it is either a level annuity, an increasing annuity or a relevant linked annuity; or149

(B) the member becomes entitled to it on or after 6 April 2015; and 149

1. (a) it is purchased by the application of sums or assets representing the whole or any part of the member’s:149
   1. (i) drawdown pension fund (as defined in paragraph 8 of that Schedule) for an arrangement; or149
   2. (ii) flexi-access drawdown pension fund (as defined in paragraph 8A of that Schedule) for an arrangement; and149
2. (b) it is payable by an insurance company; and149
3. (c) it is payable for a term which does not exceed five years.149