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The Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012

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Discretionary trusts

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10.—(1) The Secretary of State will pay the lump sum death benefit (together with any arrears of pension or lump sum benefits which may be payable under the Rules) to one or more of the Beneficiaries or apply it for their benefit in such proportions as he sees fit. He may at his discretion deduct the cost of funeral expenses from the lump sum death benefits and pay it to the person who incurred the funeral expenses. If he cannot do so within 2 years he will pay it to the Member’s personal representatives, unless there is no will of the Member under which it will pass and the successor on the Member’s intestacy is the Crown or the Duchy of Lancaster or Cornwall, in which case no benefit will be payable. Interest will only be added if the Secretary of State so determines and the limits in Part IX (Overriding Finance Act Provisions) of this Schedule are not exceeded.

(2) So long as no-one other than a Beneficiary can become entitled the Secretary of State may—

(a)direct that all or part of the benefit will be held by himself or by trustees on such trusts (including discretionary trusts) and with such powers and provisions (including powers of selection and variation) as the Secretary of State sees fit; or

(b)pay all or part of the benefit to the trustees of any other existing trust.

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