The Registered Pension Schemes (Authorised Member Payments) Regulations 2023
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3 Prescription of authorised member payments
(1) A top up payment made by a relevant insurer to a policyholder is a payment of a description that is prescribed for the purposes of section 164(1)(f) of FA 2004 (authorised member payments). (2) A payment is a top up payment if— (a) a write-down order has been made in respect of the relevant insurer, (b) the policyholder is affected by the write-down order as described in section 217ZA(2) of FSMA 2000, (c) the payment is made to the policyholder in respect of the reduction in value of the policyholder’s entitlements (or contingent entitlements) as mentioned in section 217ZA(2)(b) of FSMA 2000 by virtue of the write-down order, and (d) the relevant insurer makes the payment to the policyholder in consequence of section 217ZA of FSMA 2000.
3 Prescription of authorised member payments
(1) A top up payment made by a relevant insurer to a policyholder is a payment of a description that is prescribed for the purposes of section 164(1)(f) of FA 2004 (authorised member payments). (2) A payment is a top up payment if— (a) a write-down order has been made in respect of the relevant insurer, (b) the policyholder is affected by the write-down order as described in section 217ZA(2) of FSMA 2000, (c) the payment is made to the policyholder in respect of the reduction in value of the policyholder’s entitlements (or contingent entitlements) as mentioned in section 217ZA(2)(b) of FSMA 2000 by virtue of the write-down order, and (d) the relevant insurer makes the payment to the policyholder in consequence of section 217ZA of FSMA 2000.
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