- Draft legislation
This is a draft item of legislation and has not yet been made as a UK Statutory Instrument. This draft has been replaced by a new draft, The Age-Related Payments Regulations 2013 ISBN 978-0-11-110500-9
2.—(1) A qualifying Equitable Life annuitant (“A”) is entitled to a payment of £5000 in respect of each relevant with-profits annuity policy under which A is eligible to receive an annuity payment.
(2) If A is entitled to a payment of £5000 in respect of an individual with-profits annuity policy, and A dies before a payment under paragraph (1) is made, the payment is, subject to paragraph (4), to be made to A’s personal representative.
(3) If A is entitled to a payment of £5000 in respect of a joint with-profits annuity policy, and A dies before a payment under paragraph (1) is made—
(a)A’s entitlement to a payment under this regulation ceases unless all the other persons eligible to receive a financial benefit under the contract died before A;
(b)the payment is, subject to paragraph (4), to be made to A’s personal representative if all the other persons eligible to receive a financial benefit under the contract have died.
(4) A payment is only to be made to A’s personal representative if the personal representative makes an application for the payment under regulation 4 (procedure).
(5) If A is resident in a state outside the United Kingdom, payment may be made in the currency of that state at the spot rate of exchange for the day on which the payment is made.
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