[F1SCHEDULE 2AE+W+SPENSION SHARING ON DIVORCE OR NULLITY OF MARRIAGE [F2OR, ON THE DISSOLUTION OR NULLITY OF A CIVIL PARTNERSHIP]

Textual Amendments

Pension credit member dies after pension credit benefit becomes payableE+W+S

7.—(1) If a pension credit member dies within 5 years after his pension under [F3this Section of] the scheme became payable under paragraph 3 of this Schedule, a lump sum on death shall be payable in accordance with regulation F5 as modified by paragraph 9 below.

(2) Subject to sub-paragraph (3), the lump sum on death shall be equal to 5 times the annual rate of the pension credit member’s pension less the amount of pension already paid.

[F4(3) The maximum payment under this regulation shall not exceed the amount calculated in accordance with sub-paragraph (4), less the aggregate of—

(a)the amount of any lump sum paid to the pension credit member in accordance with paragraph 3(6), and

(b)the amount of any lump sum paid to the pension credit member in accordance with paragraph 3(7).]

(4) An amount calculated in accordance with this sub-paragraph is an amount equal to twice the amount on the valuation day of the final year’s pensionable pay of the member from whose rights the pension credit is derived.

[F5(5) Where a pension credit member referred to in paragraph (1) [F6dies on or before 5th April 2011 and] [F7had] attained the age of 75 at the date of the pension credit member’s death—

(a)the lump sum referred to in that paragraph shall cease to be payable, and

(b)shall instead be converted into an annual pension to be determined and paid in accordance with paragraph (6).

(6) The pension referred to in paragraph (5) shall be—

(a)determined in accordance with guidance and tables provided by the Scheme Actuary for the purpose of converting the amount of the lump sum into an annual pension;

(b)paid to the person who would otherwise be entitled to receive the lump sum in accordance with regulation F5; and

(c)paid to that person from the day after the pension credit member’s death until the fifth anniversary of the day the pension credit member’s pension under [F3this Section of] the scheme became payable.

(7) If, in accordance with regulation F5, a pension credit member has given notice that more than one person is to receive a share of the lump sum, each such person shall receive the same percentage of the annual pension as was specified for that person in the pension credit member’s notice.

(8) If, in accordance with regulation F5, the annual pension is to be paid to the pension credit member’s personal representatives they may, as part of the distribution of the pension credit member’s estate, give irrevocable notice to the Secretary of State—

(a)specifying—

(i)one or more individuals, or

(ii)one incorporated or unincorporated body,

to whom the benefit of the pension under this regulation from the date of receipt of the notice by the Secretary of State is to be assigned, and

(b)where two or more individuals are specified, specifying the percentage of the pension payable to each of them,

and the pension (or, as the case may be, the percentage of it specified in respect of the person) may be paid to the person or body, unless paragraph (9) applies.

(9) This paragraph applies if—

(a)the person specified in the notice has died before payment can be made,

(b)payment to the person or body specified in the notice is not, in the opinion of the Secretary of State, reasonably practicable, or

(c)the person to whom the pension (or a specified percentage of the pension) would otherwise be payable has been convicted of an offence specified in regulation T6(1A) and the Secretary of State has directed, as a consequence of that conviction, that the person’s right to a payment in respect of the pension credit member’s death is forfeited.

(10) The prohibition on assignment of benefits in regulation T3 (benefits not assignable) shall not apply to an assignment by personal representatives under this regulation.]]

Textual Amendments