158 Removal of restrictions on friendly societies’ pension business.N.I.
(1)The Department may make such regulations as it thinks appropriate for enabling a registered society to conduct group insurance business with a view to the establishment of occupational pension schemes or personal pension schemes.
(2)The power to make regulations under this section shall extend to enabling registered societies to conduct such business as is mentioned in subsection (1) freed from any restrictions of the relevant legislation as to the amounts which a member, or a person claiming through a member, is entitled to receive from any one or more societies or branches.
(3)Regulations under this section may include such adaptations and modifications of the relevant legislation, and such other supplementary and incidental provisions, as the Department considers to be necessary or expedient for achieving the purposes referred to in subsection (1).
(4)In this section—
(a)“the relevant legislation” means the M1Friendly Societies Act 1974,
(b)“registered society” has the same meaning as in that Act, and
(c)“group insurance business” has the same meaning as in section 65A(2) of that Act.
Marginal Citations