PART 8Death benefits
CHAPTER 4Payment of lump sum death benefits
Payment of pension instead of lump sum for members who have reached the age of 75118
1
This regulation applies if a member dies–
a
after reaching the age of 75, and
b
before the fifth anniversary of the date on which a pension became payable to the member.
2
The scheme manager may pay the pension to—
a
the person or persons nominated by the member under regulation 112 (“the nominees”);
b
the member's personal representatives; or
c
both the nominees and the member's personal representatives.
3
The scheme manager is to pay the pension in the proportions the scheme manager considers appropriate if—
a
the scheme manager decides to pay all or part of the pension to the nominees and more than one individual has been nominated; or
b
the scheme manager decides to pay the pension to both the nominees and the personal representatives.
4
A pension payable under this regulation—
a
is payable for the pension protection period; and
b
must be equal to the sum of—
i
the pension that would have been payable to the member had the member lived until the end of the pension protection period; and
ii
any increases in the annual rate of that pension under the 1971 Act during that period.
5
In this rule “the pension protection period” means the period from the date of the member's death until the fifth anniversary of the date on which the member's pension became payable.