Lump sum on retirement
E13.—(1) Subject to paragraphs (3) and (4), each member shall, on becoming entitled to a pension under regulations E1 to E11, also become entitled to a retirement lump sum.
(2) Subject to regulation E14, the lump sum will be equal to 3 times the yearly rate of the pension.
(3) Where regulation E4(3) applies, the lump sum payable will be equal to the difference between—
(a)three times the yearly rate of pension calculated in accordance with regulation E3(3)(a) (ill health pension on early retirement); and
(b)three times the yearly rate of pension calculated in accordance with regulation E4(3)(b).
(4) Where a member entitled to a lump sum under this regulation has attained the age of 75—
(a)the member will cease to be entitled to a lump sum; and
(b)will instead be entitled to have the member’s pension increased by such amount as the Scottish Ministers may, after taking advice from the scheme actuary, determine.