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22(1)Section 466 (interpretation of Chapter 2 of Part 12) is amended as follows.
(2)In subsection (2), omit the definition of “pension business”.
(3)After that subsection insert—
“(2A)In this Chapter “pension business” means so much of a friendly society’s life assurance business as is referable to contracts entered into for the purposes of a registered pension scheme.
(2B)But where a pension scheme ceases to be a registered pension scheme, any of the friendly society’s life assurance business that was pension business when the pension scheme was a registered pension scheme is to be treated as ceasing to be pension business at the beginning of the period of account of the friendly society in which the pension scheme ceases to be a registered pension scheme.”
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