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.

In these Regulations—

• “Equitable Life” means the Equitable Life Assurance Society;

• “individual with-profits annuity policy” means an individual with-profits policy under which the financial benefit is an annuity;

• “individual with-profits policy” means a contract of insurance under which—

  1. a

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

  2. b

     that person is an individual; and

  3. c

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

• “joint with-profits annuity policy” means a joint with-profits policy under which the financial benefit under the contract is an annuity;

• “joint with-profits policy” means a contract of insurance under which—

  1. a

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

  2. b

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

  3. c

     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 20^th March 2013—

  1. a

     was alive;

  2. b

     had attained the age of 60 years; and

  3. 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 that was purchased from Equitable Life on or before 31st August 1992 and was in force on 20th March 2013.