Death benefits

In the event of your death, the following benefits are payable:

If you die in service

Your beneficiaries will receive a tax-free lump sum of five times your basic annual salary, plus the value of your pension fund.

If you die after you leave

The Trustee will use your pension fund to provide:

  • a lump sum and/or
  • a pension to your dependant/s.

The Trustee determines who is entitled to receive any lump sum that is payable on your death. This means that the benefit doesn’t form part of your estate and so is not subject to inheritance tax. Remember to 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.

If you die in retirement

The options you have after you’ve taken your benefits from the Plan depend on the choices you make at retirement. When you’re making decisions about what to do with your savings, it’s worth checking what would happen if you die.

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