Paragraph 11

Lump sum benefits which would be payable on the death after 30th September 1994 of a participant while accruing benefits in the transferor scheme shall be ignored to the extent that they would exceed the amount determined as a result of carrying out the calculation specified in sub-paragraph (2) of this paragraph.

The calculation referred to in sub-paragraph (1) of this paragraph is:—

$$\mathrm{B}\times \mathrm{3.75\%}\times \left(\mathrm{N}÷4\right)$$

where

B

the lump sum benefit which would be payable on the death of the participant; and

N

the number of years of his participation up to 30th September 1994.