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2.4.—(1) The administrators shall also require details of retained death benefits.
(2) Retained death benefits worth less than £2,500 may be disregarded.
(3) For the purposes of calculating the retained death benefit there shall be ignored
(a)any benefits representing a return of the member’s own contributions plus interest; and
(b)benefits derived from a return of surplus funds under annuity contracts approved under section 620 of the 1988 Act or personal pension schemes approved under section 631 of the 1988 Act.
(4) In this regulation —
“retained death benefits” means any lump sum benefits payable on the member’s death derived from the sources set out in sub-paragraphs (a) to (f) of regulation 2.3.
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