141.—(1) When a pension credit member dies before he attains the age of 70, the Committee shall pay a death grant.
(2) The amount of the death grant of a pension credit member who dies before his normal benefit age is a lump sum equal to three times the annual rate of the pension that would have been paid to him if on the date of his death he had become entitled to that pension.
(3) The amount of the death grant of a pension credit member who dies after he is in receipt of a pension under this Part is a lump sum equal to five times the annual rate of the pension being paid to him at the date of his death but reduced by the amount of any payments of that pension made to him under regulation 140.
(4) The Committee at its absolute discretion may make payments of a death grant to or for the benefit of the pension credit member’s nominee or personal representatives, or any person appearing to the Committee to have been his relative or dependant at any time.
(5) If the Committee has not made payments under paragraph (4) equalling in aggregate the pension credit member’s death grant before the expiry of the period of two years beginning with his death, it must pay an amount equal to the shortfall to the pension credit member’s personal representatives.