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17(1)For the purposes of this Part a lump sum death benefit is an unsecured pension fund lump sum death benefit if—
(a)the member had not reached the age of 75 at the date of the member’s death, and
(b)it is paid in respect of income withdrawal to which the member was entitled under an arrangement at the date of the member’s death.
(2)A lump sum death benefit is also an unsecured pension fund lump sum death benefit if—
(a)it is paid on the death of a dependant of the member,
(b)the dependant had not reached the age of 75 at the date of the dependant’s death, and
(c)it is paid in respect of dependants' income withdrawal to which the dependant was entitled at the date of the dependant’s death in respect of an arrangement relating to the member.
(3)But if the amount of a lump sum falling within sub-paragraph (1) or (2) exceeds the permitted maximum, the excess is not an unsecured pension fund lump sum death benefit.
(4)The permitted maximum is the aggregate of—
(a)the amount of the sums, and
(b)the market value of the assets,
representing the member’s or dependant’s unsecured pension fund in respect of the arrangement immediately before the payment is made.
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