Citation and Commencement

1. —(1) This Order may be cited as the Transfer of Functions (Age-Related Payments) Order 2013.

(2) This Order comes into force on 11th July 2013.

Transfer of Function

2. —(1) The function of the Secretary of State under section 7 of the Age-Related Payments Act 2004( 2 ) (power to make regulations providing for the making of payments), in so far as it relates to payments to which paragraph (2) applies, is to be exercisable concurrently with the Treasury.

(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. ” .