dormant asset

(1) (in relation to a bank or building society) has the meaning given in section 10 of the Dormant Bank and Building Society Accounts Act 2008, which is in summary an account that at a particular point in time:

1. (a) has been open throughout the period of 15 years ending at that time; and
2. (b) during that period no transactions have been carried out in relation to the account by or on the instructions of the holder of the account; or

(2) (in relation to long-term insurance contract, and an insurance institution as defined in section 2 of the Dormant Assets Act 2022) has the meaning given in section 4 of the Dormant Assets Act 2022, which in summary is any of the four conditions set out in section 4 that must be met for an asset to be considered dormant in relation to eligible insurance proceeds; or (3) (in relation to a personal pension scheme, and a pensions institution as defined in section 5 of the Dormant Assets Act 2022) has the meaning given in section 7 of the Dormant Assets Act 2022, which in summary is any of the four conditions set out in section 7 that must be met for an asset to be considered dormant in relation to eligible pension benefits. (4) (in relation to an eligible amount owing by virtue of a collective scheme investment (see section 9(2) of the Dormant Assets Act 2022)) an eligible CIS amount which is dormant in accordance with section 10 of the Dormant Assets Act 2022.