15BUEElection by widower to be paid lump sum instead of pension under sec 15BM

15BUE Election by widower to be paid lump sum instead of pension under sec 15BM

15BUE Election by widower to be paid lump sum instead of pension under sec 15BM

(1) Subject to section 15BUF, a widower entitled to a pension under section 15BM (3) may elect to be paid, instead of the whole of the pension, a lump sum calculated, subject to subsection (2), in accordance with the following formula—

where—

L represents the lump sum payable,

T represents the total amount payable to the widower under section 15BM (2) (a), and

Y represents the number (not exceeding 5) of the former contributor’s completed periods of 12 months’ approved service in excess of 35 years’ approved service.

(2) Notwithstanding subsection (1), the lump sum payable under that subsection to the widower of a former contributor shall not exceed an amount equal to the value of L calculated in relation to the former contributor in accordance with the formula in section 15BUD.

s 15BUE: Ins 1980 No 191, Sch 3 (10). Am 1993 No 111, Sch 7.