Regulation 2.E.19 Amount of lump sum: dual capacity members: members with pensions under regulation 2.D.5

Paragraph (2) applies for determining the lump sum payable by virtue of this regulation on the death of a member who—

The lump sum is an amount equal to the sum of—

F4In the case of a 2008 Section Optant, this is subject to regulation 2.K.23.

The guarantee amount for a pension under regulation 2.D.5 is five times the annual rate of the pension at the date of death, less the amount of the pension payments already made to the member in respect of the pension.

The aggregate lump sum cap is equal to twice the appropriate fraction of the reckonable pay by reference to which the pension to which the member became entitled on last exercising the option under regulation 2.D.5 was calculated, less the total of any lump sums paid to the member—

In this regulation “the appropriate fraction” means—

where—

• DPS is, where the member continues in pensionable service as an active member F6or a non-contributing member on the option day (or the last such option day if the option has been exercised more than once), the total number of days which do not form part of the specified percentage of pensionable service at the option day, and

• TDPS is the aggregate of DPS and the total number of days of pensionable service (at the option day or the last such option day if the option has been exercised more than once) which forms part of the specified percentage of pensionable service.