22(1)Section 466 (interpretation of Chapter 2 of Part 12) is amended as follows.U.K.
(2)In subsection (2), omit the definition of “pension business”.
(3)After that subsection insert—
“(2A)In this Chapter “pension business” means so much of a friendly society’s life assurance business as is referable to contracts entered into for the purposes of a registered pension scheme.
(2B)But where a pension scheme ceases to be a registered pension scheme [F1by virtue of the withdrawal of registration of the pension scheme under section 157 of the Finance Act 2004], any of the friendly society’s life assurance business that was pension business when the pension scheme was a registered pension scheme is to be treated as ceasing to be pension business at the beginning of the period of account of the friendly society in which the pension scheme [F2so] ceases to be a registered pension scheme.”
Textual Amendments
F1Words in Sch. 35 para. 22 inserted (6.4.2006) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 18(5)(6)(a)(7)
F2Word in Sch. 35 para. 22 inserted (6.4.2006) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 18(5)(6)(b)(7)
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284