Paragraph 15
England, Wales and Scotland
If the Board grants an application for a terminal illness lump sum, the transferee—
becomes entitled to a terminal illness lump sum calculated in accordance with this paragraph, and
loses the entitlement he or she otherwise would have had on attaining the relevant age to compensation under paragraph 6 in respect of the pension compensation credit.
The amount of the terminal illness lump sum is 2 times the amount to which the transferee would have been entitled under paragraph 6 in respect of the pension compensation credit in the year following the granting of the application, if he or she had attained the relevant age on the granting of the application.
In this paragraph “the relevant age” has the same meaning as in paragraph 12.
Where on the granting of the application the commencement of a person's periodic compensation under paragraph 6 is postponed by virtue of paragraph 16A, this paragraph applies as if the references to the transferee attaining the relevant age were references to the period of postponement ending.
Annotations
Textual amendments
- F1
Sch. 5 para. 15(4) inserted (13.3.2013) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 34(2); S.I. 2013/585, art. 2(b)(iii)
Notes on Schedule 5
Modifications
- C1
Sch. 5 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2