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Nominee Rules
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Discussion
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Hi All,
We have recently been looking at our bereavement policy, which will lead to nominees, this in turn leads to the Co-operative and Community Benefits Act 2014. After reading the whole thing, I discovered a section that I was not aware of, after speaking with a few other credit unions, I saw that they were not aware of the rule, either.
In Section 38, point 4, it states: “Any nomination made by a member who subsequently marries or forms a civil partnership is revoked by the marriage or formation of the civil partnership.”
https://www.legislation.gov.uk/ukpga/2014/14/section/38
I thought I would share so as many people as possible, so more people are aware.
My new found knowledge now also includes Probate, intestacy laws and the hierarchy of next of kin.We will be running a campaign telling our members to either get married or get a will to avoid some very difficult conversations down the line.
Happy reading!!
legislation.gov.uk
Co-operative and Community Benefit Societies Act 2014
An Act to consolidate certain enactments relating to co-operative societies, community benefit societies and other societies registered or treated as registered under the Industrial and Provident Societies Act 1965, with amendments to give effect to recommendations of the Law Commission … Continue reading
Gareth Heesom DEEU, CEO Beacon Savings & Loans WeAreBeacon.com
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Replies
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Emma K Carpenter - Sheffield Credit Union
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Gareth Heesom DEEU, CEO Beacon Savings & Loans WeAreBeacon.com
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