- uncrystallised funds lump sum death benefit
Introduced by the Finance Act 2004, a registered pension scheme that is a money purchase scheme may pay an uncrystallised funds lump sum death benefit on a member's death. The member must have died before reaching age 75. The uncrystallised funds that comprise the benefit must not have been designated for paying a scheme pension or annuity (for the member or a dependant), or for an unsecured pension. The benefit must 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.