Investment powers of Member, exercise of after death or incapacity of
246B Investment powers of Member, exercise of after death or incapacity of
When a benefit (other than a reversionary pension) is payable because a Member has died the investment powers that would be exercisable by the Member if he or she were alive and entitled to the benefit may be exercised —
if the benefit is payable to the executor of the Member’s will or administrator of the Member’s estate —
until probate of the will, or administration of the estate, of the Member is granted, by the Board; and
thereafter, by the executor or administrator;
or
otherwise, by the Board.
If, under regulation 242, the Board does not pay a benefit to a person entitled to it, the investment powers exercisable by that person may be exercised —
if there is a person authorised by or under a written law to administer the entitled person’s affairs, by that authorised person; or
otherwise, by the Board.
When exercising a power under this regulation the Board is to act in what it reasonably considers to be the best interests of the person who is or will become entitled to the benefit.
In this regulation —
investment powers means the powers exercisable by a Member under the regulations relating to investment choice for Members of the scheme of which the Member was a member.
[Regulation 246B inserted: Gazette 10 Dec 2004 p. 5907; amended: SL 2021/49 r. 18.]
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