Future payments

Power to provide for payments
7
1
The Secretary of State may make regulations providing for the making of payments by him to persons who have attained the age of 60 years.
1A
In so far as the power conferred by subsection (1) relates to payments in cases where a with-profits policy has been purchased from the Equitable Life Assurance Society on or before 31st August 1992, the references in that subsection to the Secretary of State are to be read as references to the Secretary of State or the Treasury.
2
Regulations under subsection (1) may provide for payments to be made—
a
to persons in a specified class (which may be defined by reference to age or otherwise);
b
in specified circumstances.
3
Regulations under subsection (1) may, in particular—
a
provide for payments to be made only once, at specified times or over a specified period,
b
provide for exceptions,
c
apply (with or without modifications) an enactment relating to social security (including, in particular, an enactment relating to claims, payments, evidence, revision of decisions, appeals or recovery of payment in error), and
d
make different provision for different cases or circumstances.
4
Regulations under this section—
a
shall be made by statutory instrument, and
b
may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
4A
In subsection (1A), a “with-profits policy” is a contract of insurance under which the policyholder is eligible to receive a financial benefit at the discretion of the insurer.
5
In section 170(5) of the Social Security Administration Act 1992 (c. 5) (Social Security Advisory Committee) in the definition of “the relevant enactments” after paragraph (ah) insert—
ai
section 7 of the Age-Related Payments Act 2004;
.
S. 7 function made exercisable concurrently (11.7.2013) by The Transfer of Functions (Age-Related Payments) Order 2013 (S.I. 2013/1442), arts. 1(2), 2
S. 7(1A) inserted (11.7.2013) by The Transfer of Functions (Age-Related Payments) Order 2013 (S.I. 2013/1442), arts. 1(2), 3(2)
S. 7(4A) inserted (11.7.2013) by The Transfer of Functions (Age-Related Payments) Order 2013 (S.I. 2013/1442), arts. 1(2), 3(3)