Lump sum payable on death of pensioner member
106.—(1) This regulation applies if a pensioner member dies within five years of the pension coming into payment.
(2) If this regulation applies, the scheme manager must pay a lump sum death benefit.
(3) The amount of the lump sum death benefit is equal to—
(a)the total annual amount of the member’s pensions, multiplied by five; less
(b)the total amount of any pension payments made to the member under this scheme.
(4) In paragraph (3)(a), “total annual amount of the member’s pensions” (“cyfanswm blynyddol pensiynau’r aelod”) means the total of the annual rate of the retirement pension shown in the member’s pension accounts calculated as if the beginning date for that pension were the date of the member’s death.
(5) For the purpose of this regulation any amounts paid or payable to or in respect of the member in the capacity of a pension credit member are disregarded.