Annuity protection lump-sum death benefit

An authorised lump-sum death benefit that may be paid by a registered pension scheme ( www.practicallaw.com/5-201-6474) on a member's death in respect of a money purchase ( www.practicallaw.com/0-107-6857) arrangement if the member was entitled to a scheme pension ( www.practicallaw.com/9-422-1507) or lifetime annuity ( www.practicallaw.com/1-207-2099) at their death. Essentially, the lump sum cannot exceed the annuity purchase price, less any instalments already paid. Since 6 April 2015, an annuity protection lump-sum death benefit is subject to the special lump-sum death benefits charge ( www.practicallaw.com/0-507-1271) only if the member died after reaching the age of 75. (Paragraph 16, Schedule 29, Finance Act 2004.)

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