102.—(1) This Part makes provision for the discharge of the Secretary of State’s liability in respect of pension credits by the payment of—
(a)death grants;
(b)pension credit retirement benefits.
(2) In this Part “normal pension age” in relation to a pension credit member means—
(a)60, if on the transfer day the pension debit member was a pre-2007 entrant, and
(b)65, if on the transfer day the pension debit member was a person with mixed service or a 2007 or later entrant.
103.—(1) A pension credit member (“the appointor”) may nominate another individual (“the nominee”) for the purpose of this Part by giving written notice to the Secretary of State.
(2) A nomination under paragraph (1) ceases to have effect if—
(a)the appointor revokes the nomination by giving written notice to the Secretary of State,
(b)the appointor subsequently nominates a different person in place of the nominee, or
(c)the nominee dies.
(3) The nominee is the appointor’s death grant beneficiary for the purpose of this Part if the nomination has effect at the date of the appointor’s death.
(4) Where the appointor nominates more than one individual under paragraph (1), the notice must state in relation to each nominee—
(a)the share of the death grant to be paid to the nominee, and
(b)whether, if the nominee predeceases the appointor, the Secretary of State must treat the notice as stating that the deceased nominee’s share of the death grant be paid—
(i)to the surviving nominee or, if there is more than one, to the surviving nominees in accordance with paragraph (5), or
(ii)to the appointor’s personal representatives as part of the appointor’s estate.
(5) Where the share of the deceased’s nominee’s death grant is to be paid to the surviving nominees, it is to be paid to them in shares such that the proportion which each surviving nominee’s share bears to each of the other surviving nominee’s shares is the same as it was in the nomination.
(6) Any death grant paid under this Part must be paid to the appointor’s death grant beneficiary or, if more than one, death grant beneficiaries in the shares determined in accordance with paragraphs (4) and (5).
(7) But where there is no death grant beneficiary, the death grant must be paid to the appointor’s surviving spouse or surviving civil partner or, if there is no such person, to the appointor’s personal representatives as part of the appointor’s estate.
104.—(1) A death grant is payable on the death of a pension credit member (D) who dies before pension credit retirement benefits become payable under regulation 105 (pension credit retirement benefits).
(2) The amount of the death grant is—
(a)where D had a normal pension age of 60, an amount equal to the amount of the pension credit retirement lump sum which would have been payable if D had reached that age at the date of D’s death, and
(b)where D had a normal pension age of 65, an amount equal to the amount of the pension credit retirement lump sum which would have been payable if D had had a normal pension age of 60 and had reached that age at the date of D’s death.
105.—(1) A pension credit retirement pension is payable to a pension credit member (P) from the entitlement day.
(2) Except as otherwise provided in these Regulations, the pension is payable for life.
(3) Where P has a normal pension age of 60 a pension credit retirement lump sum is payable to P on the entitlement day.
(4) But a pension credit retirement lump sum is not payable if—
(a)P complies with regulation 107 (payment of benefits on application to the Secretary of State) after P reaches 75, or
(b)a retirement lump sum became payable to the pension debit member before the transfer day, unless—
(i)the pension debit member was in further employment on the transfer day, or
(ii)the pension debit member had ceased to be in further employment on the transfer day but payment of retirement benefits relating to that further employment has not been initiated on the transfer day.
(5) The entitlement day cannot be before the transfer day and paragraphs (6) to (8) are subject to this paragraph.
(6) Where the pension debit member was in pensionable employment or excluded employment on or after 30th March 2000, the entitlement day must be after P reaches 55.
(7) Where paragraph (6) applies and, in the application for payment under regulation 107, P specifies that the pension (and, where appropriate, lump sum) is to be payable on a date—
(a)before P reaches 60, where P has a normal pension age of 60, or
(b)before P reaches 65 where P has a normal pension age of 65
the entitlement day is such day as P may specify in P’s application which must be no earlier than 6 weeks after the day on which the application is made.
(8) Where—
(a)paragraph (6) does not apply, or
(b)paragraph (6) applies but paragraph (7) does not apply,
the entitlement day is the date on which P reaches the normal pension age.
(9) If a pension credit retirement lump sum is payable—
(a)the annual rate of the pension credit retirement pension must be such that the combined value of the pension credit retirement pension and the pension credit retirement lump sum, when calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 to WRPA 1999, equals the amount of the pension credit, and
(b)the amount of the pension credit retirement lump sum must be 3 times the annual rate of the pension credit retirement pension.
(10) But where—
(a)a phased retirement lump sum became payable to the pension debit member before the transfer day, or
(b)a retirement lump sum became payable to the pension debit member before the transfer day, but the pension debit member—
(i)was in further employment on the transfer day, or
(ii)had ceased to be in further employment on the transfer day, but payment of retirement benefits relating to the further employment had not been initiated on the transfer day
paragraph (9)(b) does not apply and the relationship between the pension credit retirement lump sum and the annual rate of pension credit retirement pension is to be determined by the Secretary of State after taking advice from the scheme actuary.
(11) If no lump sum is payable, the annual rate of the pension credit retirement pension must be such that its value, when calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 to WRPA 1999, equals the amount of the pension credit.
(12) But if paragraph (7) applies the amounts referred to in paragraphs (9) to (11) must be multiplied by the appropriate factor.
106.—(1) A death grant is payable on the death of a pension credit member (D) if—
(a)a pension credit retirement pension had become payable before D’s death, and
(b)AR is greater than AP.
(2) AR is 5 times the annual rate of the pension at the date of D’s death.
(3) AP is the amount payable to D since the pension became payable.
(4) The amount of the death grant is AR-AP.