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Death in Deferment Lump Sum Benefit Basis

Select from the drop-down list what to value as a lump sum payable to a spouse on death in deferment. The options are:

  • None
  • Return of Contributions
  • Return of Contributions if no spouse
  • Multiple of pension

If either Return of Contributions is selected or Return of Contributions if no spouse, SuperVal will use the standard data item ACW for contributions to the valuation date and increase this by the member’s future service contributions specified on the Contributions Tab. The data item for past contributions (ACW) should include interest to the valuation date. The ROC in Service Interest on the Contributions Tab will be used to role up contributions until the member’s withdrawal. The ROC in Deferral Interest on the Contributions Tab will apply from withdrawal to death in deferment.

If Return of Contributions if no spouse is selected the benefit is only valued for the proportion of members who do not have a spouse at the point of death i.e. (1- Proportion Married at point of death).

If Multiple of Pension is selected, then SuperVal will value a multiple of the deferred retirement pension. The Multiple is entered in the Multiple Field.