27Benefit on death before age 60

27 Benefit on death before age 60

27 Benefit on death before age 60

(1) The benefit provided by this section is payable by the Board where a contributor dies before attaining the age of 60 years during employment with an employer and is so payable—

(a) where the contributor is survived by a spouse—to the contributor’s spouse, or

(b) where the contributor is not survived by a spouse—to the personal representatives of the contributor or, if appropriate, in accordance with section 58 (payment without grant of probate etc).

(2) The benefit provided by this section in relation to a contributor is an amount equal to the sum of—

(a) the amount of the contributor-financed benefit,

(b) an amount of employer-financed benefit calculated in accordance with the formula—

where—

E represents the amount to be ascertained,

S represents the contributor’s final salary,

A represents the accrued benefit points for the contributor at the contributor’s exit date, and

P represents—

(i) where an approval under section 12 (additional benefit) is in force in relation to the contributor—the prospective benefit points for the contributor at the contributor’s exit date, or

(ii) where no such approval is in force—nil, and

(c) where an approval under section 12 (additional benefit) is in force—the amount of the additional benefit.