Death benefits

In the event of your death, the DB Section of the Plan provides the following benefits for your dependants:

If you die in service

A tax-free lump sum of three or four times your basic salary is payable, and your spouse or civil partner would be entitled to a pension of at least 50% of your prospective retirement pension.

If you die after you leave but before you retire

Your surviving spouse or dependent partner will receive a pension.

If you die in retirement

If you die within five years of retiring, a lump sum is paid to your beneficiaries that’s equal to the value of the payments that would have been made during that five-year period, had you not died.

Your surviving spouse or dependant partner will also receive a pension.

Your beneficiaries

The Trustee determines who is entitled to receive any lump sum that’s payable on your death. This means that the benefit doesn’t form part of your estate and so is not subject to inheritance tax. You should make sure you complete a nomination form via Manage my pension to let the Trustee know who you’d like to receive any lump sum benefit. You can update your beneficiaries at any time.

Your session will expire in xx.xx. Do you wish to Continue or Log Out
Your session will expire in xx.xx
Continue or Log Out