The Trustee Savings Banks Life Annuity (Amendment) Regulations 1979
These Regulations amend the Trustee Savings Banks Life Annuity Regulations 1930 which provided for commission and the quarterly annuity payments to be credited to the account of the trustee savings banks in the Fund for the Banks for Savings. In future the commission and annuity payments will be paid by the National Debt Commissioners to the relevant trustee savings banks. This amendment is consequential on an Order made contemporaneously with these Regulations by the Treasury under section 16(4) of the Trustee Savings Banks Act 1976. That Order will limit the sums which may be withdrawn from the amount standing to the credit of trustee savings banks in the Fund for the Banks for Savings and the limit has been fixed on the basis that the commission and quarterly annuity payments under the 1930 Regulations will no longer be credited to the account of the trustee savings banks in the Fund.