dormant asset funds

(1) (in relation to a bank or building society)148 has the meaning given in section 5(6) of the Dormant Bank and Building Society Accounts Act 2008, which is money paid to a dormant asset fund operator by a bank or building society in respect of a dormant asset; or148

(2) (in relation to long-term insurance contract, and an insurance institution as defined in section 2 of the Dormant Assets Act 2022) is money paid to a dormant asset fund operator by an insurer in accordance with section 2(1) of the Dormant Assets Act 2022; or148

(3) (in relation to a personal pension scheme, and a pensions institution as defined in section 5 of the Dormant Assets Act 2022) is money paid to a dormant asset fund operator by an operator of a personal pension scheme in accordance with section 5(1) of the Dormant Assets Act 2022.148