Schedule 1 Rule 67: Deferred pensioner lump sum
276.Rule 67 makes provision for payment of a lump sum refund of contributions on the death of a person under 75 who was a deferred pensioner and entitled to a scheme pension on reaching that age. The lump sum is paid where that person leaves no surviving partner or eligible child. A definition of “deferred pensioner” is provided in rule 109(1).
277.Rule 67(1) makes provision for the Fund trustees to make a payment in the above circumstances, provided that they are satisfied that the payment would be a “defined benefits lump sum death benefit” (see paragraph 295). Payment is made to the personal representatives of the deceased.
278.The amount payable is determined by rule 67(2) as being the amount of scheme member contributions paid by the deferred pensioner with compound interest added at 4% per annum (see rule 109(3)).