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Friendly Societies Act 1984

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2Maximum benefits.

(1)Section 64 of the Friendly Societies Act 1974 (maximum benefits) shall have effect, and be deemed always to have had effect, with the modifications in subsections (2) and (3) below.

(2)In subsection (1) (financial limits)—

(a)the words from the beginning to " through " shall be omitted;

(b)for the words " receive from" there shall be substituted the words " have at any time outstanding contracts with " ;

(c)after the words " United Kingdom)" there shall be inserted the words " for the assurance of " ; and

(d)paragraphs (c) and (d) (the taxable business limits) shall be omitted.

(3)In subsection (2) (matters to be disregarded in applying the limits) in paragraph (a) (bonus or addition declared upon assurance of a gross sum or annuity)—

(a)after the word " addition " there shall be inserted the words " which either is " ; and

(b)at the end there shall be added the words " or accrues upon such an assurance by reference to an increase in the value of any investments " .

(4)Subsection (3) of section 332 of the [1970 c. 10.] Income and Corporation Taxes Act 1970 (which contains provision corresponding to that referred to in subsection (3) above with respect to disregarding a bonus or addition) shall have effect and be deemed always to have had effect as if—

(a)after the word " addition " there were inserted the words " which either is " ; and

(b)after the word " annuity " there were inserted the words " or accrues upon such an assurance by reference to an increase in the value of any investments " .

(5)In consequence of the modifications in subsection (2; above, the following provisions shall cease to have effect—

(a)subsections (3) to (5) of section 64 of the [1974 c. 46.] Friendly Societies Act 1974;

(b)the definition of " mortgage protection policy " in subsection (8) of, that section ; and

(c)section 65(1) of that Act.

(6)In subsection (6) of section 64 of the Friendly Societies Act 1974 (statutory declaration as to total entitlement under existing contracts) for the words " to which that member or person is entitled from " there shall be substituted the words "assured under outstanding contracts entered into by that member with any " .

(7)With respect to any time prior to the coming into force of any of the enactments referred to in subsections (2) to (4) above, the like modifications as are made to that enactment by those subsections shall be deemed always to have been made to any earlier enactment the provisions of which are re-enacted in the enactment so referred to.

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