Regulation 46 Lump sum on death: death after retirement of member with preserved pension
(1)
Paragraph (2) applies if—
(a)
a member (“P”) dies (on or after the commencement day) having retired (whether before, on or after the commencement day);
(b)
where P retires on or after the commencement day, P is not, on retirement, an opted-out member; and
(c)
if P had not died P would, on reaching normal pension age have become entitled to a pension under regulation 17.
(2)
On the day after that on which P dies, P’s personal representatives become entitled to a lump sum on behalf of P’s estate.
(3)
The amount of the lump sum is to be determined in accordance with the following formula—
where A is a notional annual rate of pension determined in accordance with regulation 18 as though P had reached normal pension age on the day P died.