Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Age-Related Payments Regulations 2013 and come into force on the day after the day on which they are made.

(2) In these Regulations—

“Equitable Life” means the Equitable Life Assurance Society;

“individual with-profits annuity policy” means a contract of insurance purchased from Equitable Life on or before 31st August 1992 and in force on 20th March 2013, under which—

(a)

the financial benefit is an annuity payment,

(b)

there is only one person eligible to receive a financial benefit under the contract,

(c)

that person is an individual, and

(d)

that person is eligible to receive that financial benefit at the discretion of the insurer;

“joint with-profits annuity policy” means a contract of insurance purchased from Equitable Life on or before 31st August 1992 and in force on 20th March 2013, under which—

(a)

the financial benefit is an annuity payment,

(b)

there is more than one person eligible to receive a financial benefit under the contract,

(c)

each person eligible to receive a financial benefit under the contract is an individual, and

(d)

each person eligible to receive a financial benefit under the contract is eligible to receive that financial benefit at the discretion of the insurer;

“Prudential” means the Prudential Assurance Company Limited (company registered number 15454);

“qualifying Equitable Life annuitant” means an individual who, on 20th March 2013—

(a)

was alive;

(b)

had attained the age of 60 years; and

(c)

was eligible to receive an annuity payment from Prudential under a relevant with-profits annuity policy;

“relevant with-profits annuity policy” means an individual with-profits annuity policy or a joint with-profits annuity policy.