Regulation 82 Lump sum amount payable on death of pension credit memberI1
United Kingdom
In the case of a pension credit member who dies before any benefits derived from their pension credit have become payable, the amount of the lump sum payable under regulation 78 (death of a member: lump sum benefit) is calculated by multiplying by 3 the amount of the annual pension that would have been payable to the member under regulation 48 (annual rate of pension credit member’s pension) if that pension had become payable to the member on the date of the member’s death.
The reference in paragraph (1) to the member’s annual pension is to the sum of the following amounts—
the amount of the annual rate of pension as at the beginning date for that pension, without subtracting the early payment reduction amount (if any); and
the amount of increase (if any) in the annual rate of each such pension under the PIA 1971 payable as at the date of the member’s death.
In the case of a pension credit member who dies after the pension credit member’s pension under regulation 48 (annual rate of pension credit member’s pension) becomes payable, the amount of the lump sum payable under regulation 78 (death of a member: lump sum benefit) is equal to—
the amount of the pension that would have been payable to the pension credit member during so much of the period of 5 years beginning with the date on which the pension became payable as falls after the date of death, F1..., less
the total amount of any pension payments made to the member as such under this scheme.
In this regulation “amount of pension” means the sum of—
the amount of the annual rate of the pension as at the beginning date for that pension; and
the amount of increase (if any) in that annual rate of pension under the PIA 1971, payable as at the date of the member’ death.
Annotations
Textual amendments
- F1
Words in reg. 82(3)(a) omitted (1.4.2015) by virtue of The Armed Forces Pension Scheme and Early Departure Payments Scheme (Amendment) Regulations 2015 (S.I. 2015/466), regs. 1(2), 15