SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 6Savings and investment income: insurance contracts and policies made before certain dates
Pre-3rd March 2004 policy or contract: calculation of deficiencies
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1
In the case of a 2004 Act excluded policy or contract, section 541(4) (calculation of deficiencies) applies with the omission of paragraph (b) and the word “and” immediately preceding it.
2
In this paragraph “a 2004 Act excluded policy or contract” means—
a
a policy of life insurance issued in respect of an insurance made before 3rd March 2004,
b
a contract for a life annuity made before that date, or
c
a capital redemption policy where the contract was made before that date,
but excluding a policy or contract within sub-paragraph (3).
3
A policy or contract is within this sub-paragraph if on or after 3rd March 2004—
a
it is varied so as to increase the benefits secured,
b
there is an assignment of the rights, or a share of the rights, conferred by it, or
c
all or part of those rights become held as security for a debt.
4
Any exercise of rights conferred by a policy or contract counts as its variation for the purposes of sub-paragraph (3)(a).