account

(1)175 65(in relation to a dormant asset relating to a bank or building society175) has the meaning given in section 9 of the Dormant Bank and Building Society Accounts Act 2008, which is in summary:

1. (a) an account which has at all times consisted only of money and is provided by a bank or building society as part of its activity of accepting deposits; and
2. (b) in relation to a building society, it includes an account representing shares in the society, other than:
   1. (i) preferential shares; or
   2. (ii) deferred shares within the meaning given in section 119(1) of the Building Societies Act 1986.

(2) (in relation to a dormant asset relating to a long-term insurance contract, and an insurance institution as defined in section 2 of the Dormant Assets Act 2022) has the meaning given in section 3 of the Dormant Assets Act 2022 in relation to eligible insurance proceeds, which in summary is cash proceeds of a long-term insurance contract, after the appropriate adjustments have been made for such things as interest due and fees and charges payable, but excluding a contract relating to a with-profits policy, or an industrial assurance policy, or a policy that is subject to a trust, or proceeds held in a lifetime ISA where their transfer to a dormant asset fund operator would result in liability to pay a withdrawal charge to HMRC.175(3) (in relation to a dormant asset relating to a personal pension scheme, and a pensions institution as defined in section 5 of the Dormant Assets Act 2022) has the meaning given in section 6 of the Dormant Assets Act 2022 in relation to eligible pension benefits, which in summary means any of the following amounts (that have become payable after the appropriate adjustments have been made for such things as interest due and fees and charges payable):175

1. (a) pension benefits in the form of income withdrawal that have become payable under a personal pension scheme; or175
2. (b) pension benefits that have become payable under a personal pension scheme:175
   1. (i) under which all benefits that may be provided are money-purchase benefits; and175
   2. (ii) which is not and has at no time been a qualifying scheme or an automatic enrolment scheme in relation to the member to, or in respect of, whom the benefits are payable; or175
3. (c) any amount available to be paid as benefits under a personal pension scheme of a kind mentioned in (b),175

but excluding benefits provided from sums invested in a with-profits fund.175