Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p12
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 12/52)
Character Range: 99669–102420

a reversionary beneficiary or, if there is no reversionary beneficiary, to the estate of the primary beneficiary; or
 (ii) on the death of a reversionary beneficiary, to another reversionary beneficiary or, if there is no other reversionary beneficiary, to the estate of the reversionary beneficiary; and
 (l) the capital value of the annuity, and the income from it, cannot be used as security for a borrowing.
 (10) A contract for the provision of a benefit (market linked annuity) meets the standards of this subregulation if the contract ensures that:
 (a) the market linked annuity:
 (i) is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period equal to the primary beneficiary's life expectancy on the commencement day of the annuity, rounded up to the next whole number if the primary beneficiary's life expectancy does not consist of a whole number of years; or
 (ii) is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period equal to the primary beneficiary's life expectancy mentioned in subparagraph (i) calculated, at the option of the primary beneficiary, as if the primary beneficiary were up to 5 years younger on the commencement day; or
 (iia) if the annuity has a commencement day on or after 1 January 2006—the annuity is paid at least annually to the primary beneficiary or reversionary beneficiary throughout a period that is not less than the period available under subparagraph 1.05(10)(a)(i), and not more than the greater of the following periods:
 (A) the maximum period available under subparagraph 1.05(10)(a)(ii);
 (B) the period of years equal to the number that is the difference between the age attained by the primary beneficiary at his or her most recent birthday before the commencement day, and 100; or
 (iii) if:
 (A) the annuity is an annuity that reverts to a surviving spouse on the death of the primary beneficiary; and
 (B) the life expectancy of the primary beneficiary's spouse is greater than the life expectancy of the primary beneficiary; and
 (C) the primary beneficiary has not chosen to make an arrangement mentioned in subparagraph (i), (ii) or (iia) for the annuity;
  the annuity is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period equal to:
 (D) the life expectancy of the spouse on the commencement day; or
 (E) the life expectancy of the spouse calculated, at the option of the primary beneficiary, as if the spouse were up to 5 years younger on the commencement day; or
 (F) if the annuity has a commencement day on or after 1 January 2006—a period that is not less than the period available under sub‑subparagraph 1.05(10)(a)(iii)(D), and not