Regulation 4P Statutory underpin: death grantsF1C1

This regulation applies where—

A deferred guarantee amount relating to the eligible member is to be included in the amount the eligible member would have been entitled to receive as retirement pension annually for the purposes of the calculation of a death grant under regulation 43(3) of the 2013 Regulations.

A deferred guarantee amount is the amount by which the eligible member’s deferred assumed benefits are exceeded by their deferred underpin amount.

An eligible member’s deferred assumed benefits are calculated by adjusting their provisional assumed benefits to apply any revaluation adjustment or index rate adjustment that would have applied to a deferred benefit in the 2014 Scheme as if the last day of scheme membership was the underpin date.

An eligible member’s deferred underpin amount is calculated by adjusting their provisional underpin F2amount to apply any amount by which it would be increased if it were a pension to which the Pensions (Increase) Act 1971 applied, which relates to the period—