Paragraph 7

in rule 3 (commutation of part of pension credit benefits), for paragraph (2), substitute—

“(2)

The commuted portion must not exceed one quarter of the amount of the pension.”;

in rule 5 (post-retirement death grant: pension credit members), in paragraph (1)(b), for paragraph (ii), substitute—

“(ii)

the instalments of pension that have been paid,”; and

after rule 5 add—

“Death grants where pension credit member dies before pension credit benefits payable

6.

(1)

If a pension credit member dies before any benefits deriving from the member’s pension have become payable to him under this Scheme, a lump sum death grant is to be paid to his personal representatives.

(2)

The amount of the grant shall be equal to the product of 2.25 and the annual rate of the pension to which the member would have been entitled under rule 1(2) of this Part.”.