IEIM401800 | Financial Accounts: Excluded Accounts: Retirement and Pension Accounts: 'Holloway' Contracts

Financial Accounts: Excluded Accounts: Retirement and Pension Accounts: ‘Holloway’ Contracts

A ‘Holloway’ contract is a with-profits permanent health insurance contract where the profits element is designed to provide an annuity on retirement. Such contracts issued by a friendly society within the meaning of the Friendly Societies Act 1992 (c. 40) will not be reportable accounts where, as well as providing permanent health benefits, the additional investment benefits:

a) are derived from surpluses accrued by the friendly society and apportioned to policyholders; and

b) are payable to policyholders on retirement, death, or as otherwise specified by contractual provisions or individual society rules for example, disability of the policyholder.