Death in service lump sum
This section has no associated Explanatory Notes
65(1)The Fund trustees may pay a lump sum (a “death in service lump sum”) on the death of a participating member—
(a)to the deceased’s nominee, or
(b)where there is no such nominee, to the deceased’s personal representatives.
But they may do so only if satisfied that, if paid, the death in service lump sum would be a “defined benefits lump sum death benefit” for the purposes of Part 2 of Schedule 29 to the Finance Act 2004 (c. 12).
(2)A death in service lump sum is to be the greater of—
(a)4 times the participating member’s annual salary at the time of death, or
(b)the scheme member contributions, with interest, paid before death.