PART 3BENEFITS FOR PRACTITIONERS, ETC.

CHAPTER 3.EDEATH BENEFITS

Lump sum death benefits

Amount of lump sum: dual capacity members: members with pensions under regulation 3.D.5

3.E.19—(1) Paragraph (2) applies for determining the lump sum payable by virtue of this regulation on the death of a member who–

(a)is an active member in service in an employment in respect of which the member has exercised the option under regulation 3.D.5; and

(b)is a pensioner member by virtue of being entitled to a pension under that regulation.

(2) The lump sum is an amount equal to the sum of–

(a)twice the appropriate fraction of the annual average of the member’s uprated earnings at the date of death; and

(b)if the member had been entitled to any pensions under regulation 3.D.5 for less than 5 years, the lesser of–

(i)the total of the guarantee amounts for each of those pensions (see paragraph (3)); and

(ii)the aggregate lump sum cap (see paragraph (4)).

(3) The guarantee amount for a pension under regulation 3.D.5 is 5 times the annual rate of the pension at the date of death, less the amount of the pension payments already made to the member in respect of the pension.

(4) The aggregate lump sum cap is equal to twice the appropriate fraction of the annual average of the member’s uprated earnings by reference to which the pension to which the member became entitled on last exercising the option under regulation 3.D.5 was calculated, less the total of any lump sums paid to the member in exchange for pensions under regulation 3.D.5 as a result of the member exercising the option under regulation 3.D.10 (general option to exchange part of pension for lump sum).

(5) In this regulation “the appropriate fraction” means–