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(1)This is the rule relating to the payment of lump sum death benefits by a registered pension scheme in respect of a member of the pension scheme (“the lump sum death benefit rule”).
Lump sum death benefit rule
No lump sum death benefit may be paid other than—
a defined benefits lump sum death benefit,
a pension protection lump sum death benefit,
an uncrystallised funds lump sum death benefit,
an annuity protection lump sum death benefit,
an unsecured pension fund lump sum death benefit,
a charity lump sum death benefit,
a transfer lump sum death benefit,
a trivial commutation lump sum death benefit, or
a winding-up lump sum death benefit.
(2)In this Part “lump sum death benefit” means a lump sum payable on the death of the member.
(3)Part 2 of Schedule 29 gives the meaning of expressions used in the lump sum death benefit rule.
(4)Schedule 36 contains (in Part 3) transitional provision about lump sum death benefits.
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