Survivor benefits: children of deferred membersN.I.
This section has no associated Explanatory Memorandum
48.—(1) If a deferred member dies leaving one or more eligible children, they are entitled to a children's pension which shall come into payment on the day following the member's death.
(2) The Committee shall open a survivor member's pension account for the eligible child or children, in accordance with regulation 49 (survivor benefits: children of deferred member where pension is payable to a partner of deferred member) or regulation 50 (survivor benefits: children of deferred member where no pension is payable to partner of deferred member) from the day following the deferred member's death.
(3) The children's pension shall be calculated in accordance with regulation 49 or regulation 50.
(4) If the member ceased to be an active member, became a deferred member and died all within the same Scheme year, the balance in the survivor member's pension account at the end of the Scheme year in which the survivor member's pension account was opened is adjusted [on the revaluation date in] the following Scheme year by the revaluation adjustment applicable to the Scheme year in which the member died [and takes effect from the start of the Scheme year following the Scheme year in which the member’s account was opened,] in accordance with actuarial guidance issued by the Department.
[(5) Where—
(a)paragraph (4) applies, the balance calculated under regulation 49(2) (survivor benefits: children of deferred member where pension is payable to partner of deferred member) or 50(2) (survivor benefits: children of deferred member where no pension is payable to partner of deferred member) is the opening balance of the survivor member’s pension account for the following Scheme year and the revaluation adjustment is applied to the balance in accordance with paragraph (4);
(b)paragraph (4) does not apply, the balance under regulation (49)(2) or 50(2), as the case may be, is the opening balance of the survivor member’s pension account for the following Scheme year,
and, thereafter, the balance in the survivor member’s pension account is adjusted each year by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the 1971 Act applied.
(5A) Where an index rate adjustment is due to be made on a revaluation date, any such adjustment must be made immediately after the revaluation adjustment is made.]
[(6) The Committee may pay the whole or part of a children’s pension to a person other than the eligible child, to be applied for the benefit of such one or more eligible children as the Committee may direct.]