PART 2BENEFITS FOR OFFICERS
CHAPTER 5DEATH BENEFTS
Lump sum death benefits
Amount of lump sum: dual capacity members: members with pensions under regulation 4985.
(1)
Paragraph (2) applies for determining the lump sum payable by virtue of this regulation on the death of a member who—
(a)
is an active member in service in an employment in respect of which the member has exercised the option under regulation 49 (partial retirement: members aged at least 55), and
(b)
is a pensioner member by virtue of being entitled to a pension under that regulation.
(2)
The lump sum is an amount equal to the sum of—
(a)
twice the appropriate fraction of the member's final pensionable pay in that employment at the date of death, and
(b)
if the member had been entitled to any pensions under regulation 49 for less than 5 years, the lesser of—
(i)
the total of the guarantee amounts for each of those pensions (see paragraph (3)), and
(ii)
the aggregate lump sum cap (see paragraph (4)).
(3)
The guarantee amount for a pension under regulation 49 is five times the annual rate of the pension at the date of death, less the amount of the pension payments already made to the member in respect of the pension.
(4)
The aggregate lump sum cap is equal to twice the appropriate fraction of the reckonable pay by reference to which the pension to which the member became entitled on last exercising the option under regulation 49 was calculated, less the total of any lump sums paid to the member in exchange for pensions under regulation 49 as a result of the member exercising the option under regulation 58 (general option to exchange part of pension for lump sum).
(5)
In this regulation “the appropriate fraction” means—
where—
DPS is, where the member continues in pensionable service as an active member on the option day (or the last such option day if the option has been exercised more than once), the total number of days which do not form part of the specified percentage of pensionable service at the option day, and
TDPS is the aggregate of DPS and the total number of days of pensionable service (at the option day or the last such option day if the option has been exercised more than once) which forms part of the specified percentage of pensionable service.