Section Sch3-5 — Social Security Act 2018: Income includes specified insurance payments

5 Income includes specified insurance payments (1) A person’s income includes the following payments made to the person: (a) any periodical income-related insurance payments: (b) any lump sum income-related insurance payment— (i) made in respect of the occurrence of a contingency; and (ii) made within a period of 10 weeks from that occurrence; and (iii) to the extent only that it replaces income lost by the person because of that occurrence. (2) Subclause (1) also applies to a payment referred to in subclause (1)(a) or (b) that the person would have been entitled to receive— (a) under an accident insurance contract as defined in section 13 of the Accident Insurance Act 1998; and (b) but for the existence of a risk sharing agreement referred to in section 185 of the Accident Insurance Act 1998 (as it read immediately before its repeal by section 7 of the Accident Insurance Amendment Act 2000). (3) Subclause (1) applies— (a) whether or not the payments are capital; and (b) to the payments as calculated before the deduction (if applicable) of income tax. (4) The contrary provisions that (under clause 2(2) ) override this clause include— (a) section 198 (loss of earnings compensation under Accident Compensation Act 2001 ); and (b) clause 10 (which requires MSD to have regard to specified matters in considering, in respect of a person, whether a payment, credit, or service is an income-related insurance payment). Compare: 1964 No 136 s 3(1) , definition of income, paragraph (c)