(1) Where a member dies having satisfied the minimum contribution period a lump sum payment computed on the present value of his pension for a period of twelve years using the prevailing treasury bill rate shall be made to his nominated dependants.

(2) Where a member dies prior to satisfying the minimum contribution period a lump sum equal to the present value of the members proportional pension for a period of twelve years shall be paid to his nominated dependants.

(3) Where a member retires but dies before the age of 72 years, a lump sum payment based on the present value of his unexpired pension up till 72 years shall be made to his nominated dependants.