- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
7(1)This paragraph specifies when a policy of insurance is a protected policy in a case where the rights under it are held for the purposes of an occupational pension scheme.
(2)A policy of insurance within sub-paragraph (3) or (4) is a protected policy but only until a relevant event occurs (see sub-paragraphs (5) to (7)).
(3)A policy of insurance is within this sub-paragraph if—
(a)it is issued in respect of insurances made before 21st March 2007,
(b)the pension scheme became a registered pension scheme before that date, and
(c)rights under the policy became held for the purposes of the pension scheme before that date.
(4)A policy of insurance is within this sub-paragraph if—
(a)it is issued in respect of insurances made before 1st August 2007,
(b)the pension scheme became a registered pension scheme before that date,
(c)rights under the policy became held for the purposes of the pension scheme before that date,
(d)the policy was issued in pursuance of a proposal made in writing (by whatever means) and received by or on behalf of the insurer before 29th March 2007,
(e)the amount of the benefits payable under the policy (at the latest of the time when the insurances were made, the pension scheme was registered or rights under the policy became held for the purposes of the pension scheme) is no more than the amount applied for in the proposal,
(f)the period for which benefits are so payable (at the latest of those times) is no longer than the period specified in the proposal, and
(g)the policy is not a protected policy by virtue of sub-paragraph (3).
(5)For the purposes of sub-paragraph (2) a “relevant event” occurs if, after the relevant time, the terms of the policy are varied so as to—
(a)increase the benefits payable under the policy, or
(b)extend the period during which benefits are so payable.
(6)“The relevant time”—
(a)in the case of a policy of insurance within sub-paragraph (3), is 20th March 2007, and
(b)in the case of a policy of insurance within sub-paragraph (4), is the time when it became a protected policy.
(7)A variation of the terms of a policy made in order to comply with the Employment Equality (Age) Regulations 2006 (S.I. 2006/1031) or Employment Equality (Age) Regulations (Northern Ireland) 2006 (S.R. 2006/261) (or any regulations amending or replacing them) is to be ignored for the purposes of sub-paragraph (5).
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: