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. . 2010.


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