28Payment nominees and correspondence nominees

28 Payment nominees and correspondence nominees

For paragraph 3(1)(q) of Schedule 3, Part 3A of the Administration Act applies as if:

a resolution payment were a relevant payment within the meaning of Part 3A of the Administration Act; and a person who is, or may be, entitled to be paid a resolution payment under the scheme (a principal) were a benefit recipient for Division 4 of Part 3A of the Administration Act.

In order to avoid doubt, it is declared as follows:

if, immediately before commencement, a person is the payment nominee of a principal, the person continues as the payment nominee of the principal for the purposes of the operation of the scheme on and from commencement; if, immediately before commencement, a person is the correspondence nominee of a principal, the person continues as the correspondence nominee of the principal for the purposes of the operation of the scheme on and from commencement; a person appointed as the payment nominee of a principal on or after commencement, is the payment nominee of the principal for the purposes of the social security law including the operation of the scheme; a person appointed as the correspondence nominee of a principal on or after commencement, is the correspondence nominee of the principal for the purposes of the social security law including the operation of the scheme.

Note 1: Section 123E of the Administration Act provides for the suspension and revocation of nominee appointments. Any suspension or revocation under that section will be effective immediately for the purposes of the scheme.

Note 2: Section 123B(b) of the Administration Act provides for the Secretary to direct that a payment be made to a payment nominee while Division 4 of Part 3A of the Administration Act does not provide for a correspondence nominee to receive payment. Also, paragraph 17(3)(b) of this instrument requires an election to be provided about how a resolution payment should be applied.

(3) In this section:

Administration Act means the Social Security (Administration) Act 1999.

commencement means the commencement of this instrument.