Death grants: deferred members and pension credit membersN.I.
This section has no associated Explanatory Memorandum
46.—(1) If a deferred member dies the Committee shall pay a death grant.
(2) The Committee may, at its absolute discretion, pay the death grant to or for the benefit of the member's nominee, personal representatives or any person appearing to the Committee to have been a relative or dependent of the member.
(3) The death grant is the amount the member would have been entitled to receive as retirement pension annually [, excluding any final guarantee amount under regulation 4B (statutory underpin; retirement, redundancy, ill-health) or 4C (statutory underpin: flexible retirement) of the Transitional Regulations] if—
(a)the member had been able to draw a pension on the date the member died; ...
(b)the pension the member would have been able to draw on that date had not been subject to any restriction on the age at which it could be drawn, or actuarial adjustment relating to the age at which it was drawn, [and]
[(c)it included any deferred guarantee amount calculated under regulation 4N (statutory underpin: death grants) of the Transitional Regulations;]
multiplied by five.
[(3A) For the purposes of paragraph (3), if the member—
(a)died in the period beginning with 1st April and ending with 5th April in the Scheme year following the Scheme year in which the member ceased to be an active member; or
(b)ceased to be an active member and became a deferred member in the period beginning with 1st April and ending with 5th April in a Scheme year and subsequently died within that same period,
the pension is deemed to include the revaluation adjustment that would have been due at the next revaluation date.]
[(3B) In paragraph (3) “deferred guarantee amount” has the meaning given in regulation 4N(3) of the Transitional Regulations.]
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) This regulation applies to pension credit members (including persons entitled to a pension credit who die before the Committee awards a pension credit) as it applies to deferred members with the modification that for the amount of death grant calculated under paragraph (3), the amount calculated under paragraph (3)(a) and (b) is multiplied by [three] .
[(5) This regulation shall apply to pension credit members as it applies to deferred members, subject to paragraph (6) [and paragraph (3A) does not apply].
(6) Where a person entitled to a pension credit dies before the Committee awards a pension credit, the calculation of the death grant under paragraph (3), shall be modified so that the multiplier is three.]