2.—(1) The function of the Secretary of State under section 7 of the Age-Related Payments Act 2004(1) (power to make regulations providing for the making of payments), in so far as it relates to payments to which paragraph (2) applies, is to be exercisable concurrently with the Treasury.
(2) This paragraph applies to any payment made in a case where a with-profits policy has been purchased (whether or not by the recipient of the payment) from the Equitable Life Assurance Society on or before 31st August 1992.
(3) A “with-profits policy” is a contract of insurance under which the policyholder is eligible to receive a financial benefit at the discretion of the insurer.