PART 2Insurance companies carrying on long-term business

CHAPTER 1Introductory

Meaning of “basic life assurance and general annuity business”

58Section 57: meaning of “pension business”

1

This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “pension business”.

2

Life assurance business is “pension business” if—

a

it consists of the effecting or carrying out of contracts entered into for the purposes of a registered pension scheme, or

b

it is the re-insurance of business within paragraph (a).

3

Subsection (4) applies if the pension scheme ceases to be a registered pension scheme as a result of the withdrawal of its registration under section 157 of FA 2004.

4

The company’s life assurance business that was pension business when the scheme was a registered pension scheme is treated as ceasing to be pension business at the beginning of the company’s period of account in which the scheme so ceases to be a registered pension scheme.

5

If—

a

immediately before 6 April 2006 an annuity contract fell within any of the descriptions of contracts specified in section 431B(2) of ICTA as it had effect immediately before that date, but

b

the contract does not fall to be regarded for the purposes of this section as having been entered into for the purposes of a registered pension scheme,

the contract is treated for the purposes of this section as having been entered into for those purposes.