Following the AGM meeting on 7th December 2020, the amount of funeral assistance payable was increased from £1,000 to £3,000 for eligible members that passed away from 8th December 2020, subject to conditions.
Increase in small payment limit without probate in NI (nominations and small payment rule)
We are pleased to confirm that legislation has been introduced increasing the amount that can be disposed of under a valid nomination from £10,000 to £20,000.
The Administration of Estates (Small Payments) (Increase of Limit) Order (Northern Ireland) 2020 (the 2020 Order) comes into operation on 8th December 2020.
Under this provision, if any member of a credit union dies and at their death their property in the credit union does not exceed £20,000 and is not the subject of a nomination, then the board of directors may distribute that property among such persons as appears to the board on such evidence as it deems satisfactory to be entitled by law to receive it.
Please note that this increase applies to all deaths occurring or nominations affected after 8th January 2021.
Please note that it will NOT be necessary for members to complete new nomination forms. Therefore, nominations completed prior to 8th January 2021 will be subject to the new limit.