Statutory Instruments
2013 No. 1442
Ministers Of The Crown
The Transfer of Functions (Age-Related Payments) Order 2013
Made
13th June 2013
Laid before Parliament
20th June 2013
Coming into force
11th July 2013
At the Court at Buckingham Palace, the 13th day of June 2013
Present,
The Queen’s Most Excellent Majesty in Council
Her Majesty, in exercise of the powers conferred by section 1 of the Ministers of the Crown Act 1975( 1 ), is pleased, by and with the advice of Her Privy Council, to order as follows:
Citation and Commencement
(2) This Order comes into force on 11th July 2013.
Transfer of Function
(2) This paragraph applies to any payment made in a case where a with-profits policy has been purchased (whether or not by the recipient of the payment) from the Equitable Life Assurance Society on or before 31st August 1992.
(3) A “with-profits policy” is a contract of insurance under which the policyholder is eligible to receive a financial benefit at the discretion of the insurer.
Consequential Amendment
3. —(1)Section 7 of that Act is amended as follows.
(2) After subsection (1) insert—
“ (1A) In so far as the power conferred by subsection (1) relates to payments in cases where a with-profits policy has been purchased from the Equitable Life Assurance Society on or before 31st August 1992, the references in that subsection to the Secretary of State are to be read as references to the Secretary of State or the Treasury. ” .
(3) After subsection (4) insert—
“ (4A) In subsection (1A), a “with-profits policy” is a contract of insurance under which the policyholder is eligible to receive a financial benefit at the discretion of the insurer. ” .
Richard Tilbrook
Clerk of the Privy Council
1975 c.26 ; section 1 was amended by section 20 of the Constitutional Reform Act 2005 (c.4) .