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Regulation 8 Payment of lump sums on death

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Any lump sum payable on a contributor’s death shall be paid or applied (by way of settlement or otherwise) within 2 years of the contributor’s death by the Trustees to or for the benefit of any one or more of—

(a)

any individual nominated by the contributor in writing;

(b)

the contributor’s dependants, children, parents, grandparents and descendants of such persons; and

(c)

the contributor’s personal representative.

(2)

The decision as to which individual or individuals should receive part or all of the lump sum and how much each shall receive shall be at the absolute discretion of the Trustees.

(3)

Any part of the lump sum which has not been so paid or applied within 2 years of the contributor’s death shall be paid to the contributor’s personal representative.

(4)

For the purposes of this regulation, a lump sum includes a refund of contributions.