Member dies after a pension under regulation 16A becomes payable19A

1

If a member dies after one or more pensions under regulation 16A become payable to the member, a lump sum on death shall be payable in accordance with regulation 22.

2

The lump sum on death will be equal to 5 times the yearly rate of each of the member’s pensions (less the amount of pension already paid) provided that the maximum payment under this paragraph shall not exceed the aggregate lump sum cap.

3

The aggregate lump sum cap is equal to twice the appropriate fraction of the member’s final year’s superannuable pay by reference to which the pension to which the member became entitled on last exercising the option under regulation 16A was calculated, less an amount equal to the aggregate of—

a

the member’s retirement lump sum under regulation 17, and

b

any lump sum paid to the member under regulation 17A.

4

In this regulation—

• “the appropriate fraction” means—

• DPS / TDPS

  where

  • DPS is, where the member continues in superannuable service as an active member of the 2015 Scheme on the option day (or the last such option day if the option has been exercised more than once), the total number of days of superannuable service in that Scheme and this Section of the scheme which do not relate to the specified percentage of pension on the option day;

  • TDPS is the aggregate of DPS and the total number of days of superannuable service (at the option day or the last such option day if the option has been exercised more than once) which relate to the specified percentage of pension payable;

• “the option day” has the meaning given in regulation 16A(12); and

• “specified percentage” has the meaning given in regulation 16A(4) (a).