The Insurance Companies (Pension Business)(Transitional Provisions) (Amendment) Regulations 1996

• Citation: S.I. 1996/1
• Sections: 6

Section 1 Citation and commencement

These Regulations may be cited as the Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1996 and shall come into force on 24th January 1996.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Insurance Companies (Pensions Business) (Transitional Provisions) Regulations 1992 and “regulation” means a regulation of those Regulations.

Section 3 Amendments to the principal Regulations

In regulation 1, for the word “Pensions” there shall be substituted the word “Pension”.

Section 4 Amendments to the principal Regulations

In regulation 2—

(a) after the definition of “maximum reduced entitlement” there shall be inserted—

“notional repayment” shall be construed in accordance with paragraph 1A of Schedule 19AB (treated as inserted by regulation 6 of the Insurance Companies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 ) and, in relation to a notional repayment, “provisional repayment period” shall be construed in accordance with that paragraph of that Schedule;

(b) in the definition of “provisional repayment”, after the words “Schedule 19AB and” there shall be inserted the words“, in relation to a provisional repayment,”.

Section 5 Amendments to the principal Regulations

In regulation 4, in paragraph (1), after the words “any provisional repayment” there shall be inserted the words “or any notional repayment”.

Section 6 Amendments to the principal Regulations

In regulation 5—

(a) after the words “claiming a provisional prepayment” there shall be inserted the words “or a notional repayment”;

(b) in paragraph (a), after the words “by way of provisional repayment” there shall be inserted the words “or notional repayment”; and

(c) in paragraph (c), after the words “the provisional repayment” there shall be inserted the words “or the notional repayment”.