15.—(1) The lump sum payable under regulation 11(7) must not be such as to cause the total lump sums payable on death to exceed the total realisable value of the investments made by the Department under regulations 7(1), 8(2) or 9(4) in respect of contributions made by the participator.
(2) The total lump sums payable on death are the total of—
(a)any lump sum death benefit arising pursuant to an election under regulations 3(1)(b), 3(6) or 5(2)(a);
(b)any lump sum payable under regulation 11(7); and
(c)any lump sum benefits totalling £2,500 or more that are payable under the relevant schemes mentioned in sub-paragraph (2).
(3) The relevant schemes are—
(a)approved schemes;
(b)schemes approved under Chapter XIV of the Taxes Act;
(c)free standing additional voluntary contributions schemes;
(d)retirement annuity contracts approved under Chapter III of Part XIV of the Taxes Act;
(e)the scheme constituted by the 1995 Regulations;
(f)“relevant statutory schemes” as defined by section 611A of the Taxes Act.
(4) The permitted amount for the purpose of regulation 4(4) and 12(2) is £5,000 or, if greater, 4 times the participators' renumeration.
(5) The participators' renumeration is the greater of T, U and V, where—
T is what the participators' final renumeration would have been if the date of death had been the material date;
U is the participators' highest year’s adjusted salary for the purpose of calculating T; and
V is the participators' total taxable earnings during any period of 12 months ending not more than 3 years immediately before the date of death, increased in proportion to any increase in the Index from the end of the year up to the material date as mentioned in paragraph 3(1).