Explanatory note

This Order in Council is made under section 1 of the Ministers of the Crown Act 1975 (c.26). It provides that the regulation-making function under the Age-Related Payments Act 2004 (c.10) is to be exercisable concurrently by the Secretary of State and the Treasury in specified circumstances. This change will enable the Treasury to made regulations under the Age-Related Payments Act 2004, and payments under those regulations, in cases where a with-profits policy was brought from Equitable Life on or before 31st August 1992. The regulations will be able to provide for payments to be made to persons other than the policyholder.

Article 2 of this Order effects the transfer. Article 3 makes consequential amendments to section 7 of the Age-Related Payments Act 2004 in connection with article 2.

Nothing in this Order alters the functions of the Welsh Ministers, the Scottish Ministers or the devolved authorities in Northern Ireland.

A full impact assessment has not been published for this instrument as it is has no impact on the private sector or civil society organisations.