Death Benefits

Cash lump sum

Should you die before drawing your pension, a cash payment of five times your current annual deferred pension becomes payable.
Should you die before drawing your pension, a cash payment of five times your current annual deferred pension becomes payable.
Should you die before drawing your pension, a cash payment of 5.5 times your current annual deferred pension becomes payable.

The Trustee has the discretion to decide who receives the payment, but the discretion relates only to who receives the benefit. The Trustee cannot withhold payment altogether.

Please make sure the Trustee is aware of your nominated beneficiaries by filling in an expression of wish form.

Spouse’s pension


If you die and leave a spouse who is entitled to a State pension, the trustee will pay that person part of your Guaranteed Minimum Pension (GMP). This is usually 50 per cent of your GMP entitlement. The trustee will also pay your spouse 40 per cent of the pension you’ve built up since 6 April 1997.
If you die and leave a spouse, the trustee will pay that person two-thirds of your pension as it is valued at your date of death – provided that the full rate of contributions has been paid for the entire period of membership.
If you die and leave a spouse, the trustee will pay him or her 50 per cent of your pension as it is valued at your date of death.

If your spouse is more than 15 years younger than you, then the remainder of the pension that your spouse receives will be reduced.

Dependant’s pension


If you leave no spouse upon your death, the trustee has discretion to pay a pension to another dependant, in place of the spouse’s pension, in respect of the pension you’ve built up since 6 April 1997.

Dependant’s pensions increase on the same basis as retirement pensions.

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