PART 5The Scheme Fund
Benefits32
1
Without prejudice to article 31, the Trustee may, in the circumstances set out in rules, use a member’s pension account in order to provide the benefits described in paragraph (2) (and only those benefits).
2
The benefits are—
a
where a member is alive–
i
the payment to the member of a lump sum or the purchase of a lifetime annuity policy in the name of the member, or both; or
ii
the transfer of the cash equivalent of the member’s pension account to another pension scheme, where the member meets the conditions specified in paragraph (3);
b
where a member has died–
i
the payment of a lump sum to a person nominated by the member or to the personal representatives of that member;
ii
the payment of a lump sum to any one or more of the next of kin of the member;
iii
the payment of a charity lump sum death benefit; or
iv
the purchase of a dependants’ annuity.
3
The specified conditions are those—
a
in Great Britain, in regulation 2(2) or (3) of the Transfer Values (Disapplication) Regulations 201033; or
b
in Northern Ireland, in regulation 2(2) or (3) of the Transfer Values (Disapplication) Regulations (Northern Ireland) 201034.
4
In this article—
“dependants’ annuity” has the same meaning as in paragraph 17 of Schedule 28 to the Finance Act 200435;
“charity lump sum death benefit” has the same meaning as in paragraph 18 of Schedule 29 to the Finance Act 200436;
“lifetime annuity” has the same meaning as in paragraph 3 of Schedule 28 to the Finance Act 200437; and
“next of kin” means—
- a
in England and Wales, the persons who would take beneficially on an intestacy under the provisions of Part IV of the Administration of Estates Act 192538;
- b
in Northern Ireland, the persons who would take beneficially on an intestacy under the provisions of Part II of the Administration of Estates Act (Northern Ireland) 195539; and
- c
in Scotland, the persons entitled to the moveable estate of the deceased on intestacy.
- a