The Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1997

• Citation: S.I. 1997/2865
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1997 and shall come into force on 31st December 1997.

Section 2 Interpretation

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

Section 3 Amendments to the principal Regulations

In regulation 4—

(a) in paragraph (1) for the words from “accounting period” to the end there shall be substituted the words “of the accounting periods specified in paragraphs (2) to (5) (being accounting periods ending after the opening transitional date and before the closing transitional date) shall be reduced”;

(b) for paragraph (5) there shall be substituted the following paragraph—

(5) The prescribed percentage is 7.5 per cent. for an accounting period ending after 31st December 1995 and before 1st January 1998.

Section 4 Amendments to the principal Regulations

In regulation 5 for the words “ending after the opening transitional date and before the closing transitional date” there shall be substituted the words “specified in regulation 4”.

Section 5 Amendments to the principal Regulations

In regulation 6(1) for the words from “In any case” to “relates” there shall be substituted the words “Where in relation to a provisional repayment period falling within an accounting period specified in regulation 4 an insurance company claims, and is paid, by way of provisional repayment an amount in excess of the maximum reduced entitlement for that period”.