Payment of pension instead of lump sum for members who have reached the age of 75N.I.
118.—(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.