defined benefits lump sum death benefit
- defined benefits lump sum death benefit
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Introduced by the Finance Act 2004, a registered pension scheme that is a defined benefit scheme may pay a defined benefits lump sum death benefit on a member's death. The scheme administrator must test the payment against the member's lifetime allowance. The scheme may only pay a defined benefits lump sum death benefit if the member died before reaching age 75. It must also be paid within a period of two years after the member's death.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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