Prudential Regulation Authority Rulebook

1.1

This Part applies to every firm that is a non-directive friendly society other than:

1. (1) a flat rate benefits business friendly society; and
2. (2) a partnership pension society.

1.2

In this Part, the following definitions shall apply:

annuities on human life

means annuities on human life which do not include superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment, or of the dependants of such persons.

appropriate actuary

means an actuary as defined in the Actuarial Requirements Chapter 7.

committee

means the committee of management or other directing body of a friendly society or registered branch.

FSC2 return

means those forms, documents and requirements detailed in Chapter 3.

partnership pension society

means an unincorporated friendly society, which satisfies the following conditions:

1. (1) the purpose of the society is to effect or carry out unit-linked contracts to pay annuities on human life;
2. (2) the assets of each member of the society are separately identifiable;
3. (3) the assets of each member of the society are invested solely or primarily by him or in accordance with his instructions;
4. (4) the value of each member of the society’s assets is entirely dependent on the performance of those assets;
5. (5) no member of the society has a contract which comprises, or includes, a cash guarantee; and
6. (6) no member of the society has a contract which is an annuity in payment.

public file

means the file relating to the friendly society which the FCA is required to maintain under section 104 of the Friendly Societies Act 1992.