In partnership with James Borshell and Knights.
The UK operates a Dormant Assets Scheme under which certain dormant assets may be transferred to a fund operated by an arms-length HM Treasury (HMT) owned company which takes on liability for any potential claims in respect of the assets from their owners so that money transferred can be returned on request, and transfers any surplus generated from the funds to fund investment in communities across the UK.
Originally introduced by the Dormant Bank and Building Society Accounts Act 2008 (DBBSA 2008), the Dormant Assets Scheme (the Scheme) has been extended from dormant bank and building society accounts by the provisions of the Dormant Assets Act 2022 to other assets, including certain forms of registered personal pension schemes.
This Practice Note covers the background to the Scheme and how the changes implemented by the DAA 2022 have affected pensions.
Background to the Dormant Assets Scheme
The Dormant Assets Act 2022 (the DAA 2022) received Royal Assent on 24 February 2022 and was brought fully into force on 6 June 2022.
The
Access this content for free with a 7 day trial of LexisNexis and benefit from:
- Instant clarification on points of law
- Smart search
- Workflow tools
- 42 practice areas
Get your quote today and take step closer to being able to benefit from:
- Instant clarification on points of law
- Smart search
- Workflow tools
- 36 practice areas
Get a LexisNexis quote
* denotes a required field
To view the latest version of this document and thousands of others like it,
sign-in with LexisNexis or register for a free trial.
Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Building society definition
What does Building society mean?
A building society within the Building Societies Act 1986 (as amended).
CONTACT US
