PART IIJUDICIAL ADDITIONAL VOLUNTARY CONTRIBUTIONS SCHEME

Retained benefits2.4

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.