(1) Where a member dies having made at least twelve months contribution within the last thirty-six months prior to the death of the member, a lump sum payment computed on the present value of the members pension for a period of fifteen years, using the prevailing treasury bill rate or ten percent, whichever is the lower, shall be paid to the members’ nominated dependants.

(2) Where a member dies before making at least twelve months contribution within the last thirty-six months, a lump sum equal to total contributions and interest on the lump sum at the rate of seventy-five per centum of the Government treasury bill rate shall be paid to the nominated dependants of the member.

(3) Where a member retires but dies before the age of seventy-five years, a lump sum payment, based on the present value of the unexpired pension of the member not exceeding fifteen years shall be made to the nominated dependants of the member.