Death of partial retirement pensioner
7.—(1) A lump sum on death is payable under this paragraph in respect of the death of a partial retirement pensioner (partial pension).
(2) The amount of the lump sum on death payable is equal to the sum of—
(a)the appropriate fraction of an amount that is the better of—
(i)twice the member’s relevant earnings; and
(ii)twice the member’s re-valued pensionable earnings for the scheme year falling in the earnings reference period which has the largest re-valued pensionable earnings; and
(b)the lesser of—
(i)the total of the amounts found by virtue of paragraph 4(2)(a) for each pension drawn down under regulation 83; and
(ii)the appropriate fraction of an amount that is the better of—
(aa)twice the member’s re-valued pensionable earnings for the period of 12 months ending on the date on which the member last exercised the option under regulation 82; and
(bb)twice the member’s re-valued pensionable earnings for the scheme year falling in the earnings reference period which has the largest re-valued pensionable earnings.
less any lump sum paid to the member in exchange for pension under regulation 76 as a result of the member exercising the option under regulation 83.
(3) In this paragraph—
“appropriate fraction” means—
where—
DPS is, where the member continues in pensionable service as an active member on the election day (or the last such election day if the option has been exercised more than once), the total number of days of pensionable service which do not relate to the specified percentage of pension at the election day, and
TDPS is the aggregate of DPS and the total number of days pensionable service (at the election day or the last such election day if the election has been exercised more than once) which relate to the specified percentage of pension payable;
“election day” has the meaning given in regulation 83.
“re-valued pensionable earnings” means, in relation to a scheme year, an amount equal to the actual pensionable earnings for the year increased by the rate of change in prices specified by an order of the Department of Finance and Personnel under section 9 of the 2014 Act.