Section 290 of the Principal Act is amended -

(a) in subsection (1), by the insertion of ", subject to subsection (3A)," after "paid",

(b) in subsection (3), by the insertion of the following paragraph after paragraph (bc) (inserted by section 19 of the Social Welfare and Pensions Act 2012):

"(bd) a credit union within the meaning of the Credit Union Act 1997,",

and

(c) by the insertion of the following subsections after subsection (3):

"(3A) For the purposes of subsection (1), a payment to a credit union referred to in subsection (3)(bd) may be made -

(a) in respect of a scheme that -

(i) is approved by the Minister, and

(ii) relates to a class or classes of borrowings from a credit union as may be prescribed,

and

(b) where the beneficiary concerned is a member of the credit union to which the payment is made under this section.