PART 5 BENEFITS FOR PERSONS ENTITLED TO PENSION CREDITS

Lump sum where transferee dies before age 65

33.—(1) This regulation applies if the transferee dies before reaching the normal pension age.

(2) On the day after that on which the transferee dies the relevant person becomes entitled to a lump sum.

(3) The amount of the lump sum is to be determined in accordance with the following formula—

where A is the annual rate of the pension to which the transferee would have been entitled under regulation 30 if the transferee had become entitled to a pension under that regulation on the day on which the transferee died.

(4) In paragraph (2) “the relevant person” means—

(a) the person (if any) nominated by the transferee for the purpose of this regulation by notice in writing to the administrators; or

(b) in default of such nomination, the transferee’s personal representatives on behalf of the transferee’s estate.