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Dormant Assets Act 2022 (c. 5)Introductory TextPart 1 The Dormant Assets Scheme (ss. 1-18)Introduction (s. 1)1. The dormant assets scheme: overviewLong-term insurance assets (ss. 2-4)2. Transfer of eligible insurance proceeds to reclaim fund3. "Eligible insurance proceeds"4. Meaning of "dormant" in relation to eligible insurance proceedsPension assets (ss. 5-7)5. Transfer of eligible pension benefits to reclaim fund6. "Eligible pension benefits"7. Meaning of "dormant" in relation to eligible pension benefitsInvestment assets (ss. 8-11)8. Transfer of eligible amount owing by virtue of a collective scheme investment to reclaim fund9. "Eligible amount owing by virtue of a collective scheme investment"10. Meaning of "dormant" in relation to eligible amount owing by virtue of a collective scheme investment11. Meaning of "reclaim amount" in relation to an eligible amount owing by virtue of a collective scheme investmentClient money assets (ss. 12-13)12. Transfer of eligible client money to reclaim fund13. Meaning of "dormant" in relation to eligible client moneySecurities assets (ss. 14-16)14. Transfer of eligible proceeds or distribution to reclaim fund15. "Eligible proceeds or distribution"16. Meaning of "dormant" in relation to eligible proceeds or distributionMiscellaneous provisions relating to transfers (s. 17)17. Transfers: generalInterpretation of Part 1 (s. 18)18. Interpretation of Part 1Part 2 Other Provisions (ss. 19-30)Regulation-making powers (s. 19)19. Power to extend the dormant assets scheme to cover new dormant assetsAlternative scheme for smaller banks and building societies (s. 20)20. Return of surplus alternative scheme assetsUnwanted assets consisting of a right to payment (s. 21)21. Unwanted assetsProvisions applicable to more than one scheme (ss. 22-25)22. Third party rights and interests23. Arrangements between reclaim fund and institutions24. Effect of insolvency etc of institutions25. Disclosure of informationProvisions relating to more than one scheme (ss. 26-28)26. Meaning of "authorised reclaim fund"27. Treasury loans28. Exclusion of repayment claims from financial services compensation schemeDistribution of dormant assets money (ss. 29-30)29. Distribution of dormant assets money for meeting English expenditure30. Periodic review and report to ParliamentPart 3 Final provisions (ss. 31-34)31. Regulations: general32. Repeals in the 2008 Act and other minor or consequential amendments33. Index of defined terms34. Extent, commencement, construction as one with 2008 Act and citationSchedule 1 Minor and Consequential AmendmentsSchedule 2 Index of Defined Expressions
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Version status: In force | Document consolidation status: No known changes
Published date: 24 February 2022

Dormant Assets Act 2022 (c. 5)

Introductory Text
Part 1 The Dormant Assets Scheme (ss. 1-18)
Introduction (s. 1)
1. The dormant assets scheme: overview
Long-term insurance assets (ss. 2-4)
2. Transfer of eligible insurance proceeds to reclaim fund
3. "Eligible insurance proceeds"
4. Meaning of "dormant" in relation to eligible insurance proceeds
Pension assets (ss. 5-7)
5. Transfer of eligible pension benefits to reclaim fund
6. "Eligible pension benefits"
7. Meaning of "dormant" in relation to eligible pension benefits
Investment assets (ss. 8-11)
8. Transfer of eligible amount owing by virtue of a collective scheme investment to reclaim fund
9. "Eligible amount owing by virtue of a collective scheme investment"
10. Meaning of "dormant" in relation to eligible amount owing by virtue of a collective scheme investment
11. Meaning of "reclaim amount" in relation to an eligible amount owing by virtue of a collective scheme investment
Client money assets (ss. 12-13)
12. Transfer of eligible client money to reclaim fund
13. Meaning of "dormant" in relation to eligible client money
Securities assets (ss. 14-16)
14. Transfer of eligible proceeds or distribution to reclaim fund
15. "Eligible proceeds or distribution"
16. Meaning of "dormant" in relation to eligible proceeds or distribution
Miscellaneous provisions relating to transfers (s. 17)
17. Transfers: general
Interpretation of Part 1 (s. 18)
18. Interpretation of Part 1
Part 2 Other Provisions (ss. 19-30)
Regulation-making powers (s. 19)
19. Power to extend the dormant assets scheme to cover new dormant assets
Alternative scheme for smaller banks and building societies (s. 20)
20. Return of surplus alternative scheme assets
Unwanted assets consisting of a right to payment (s. 21)
21. Unwanted assets
Provisions applicable to more than one scheme (ss. 22-25)
22. Third party rights and interests
23. Arrangements between reclaim fund and institutions
24. Effect of insolvency etc of institutions
25. Disclosure of information
Provisions relating to more than one scheme (ss. 26-28)
26. Meaning of "authorised reclaim fund"
27. Treasury loans
28. Exclusion of repayment claims from financial services compensation scheme
Distribution of dormant assets money (ss. 29-30)
29. Distribution of dormant assets money for meeting English expenditure
30. Periodic review and report to Parliament
Part 3 Final provisions (ss. 31-34)
31. Regulations: general
32. Repeals in the 2008 Act and other minor or consequential amendments
33. Index of defined terms
34. Extent, commencement, construction as one with 2008 Act and citation
Schedule 1 Minor and Consequential Amendments
Schedule 2 Index of Defined Expressions
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