Now that you have retired, the Plan will provide benefits to your family when you die. You will be able to see the value of the spouse’s pension in your retirement choice confirmation letter.
You should speak to a financial adviser to help you plan for your beneficiaries in the event of your death.
If you die within five years of starting to receive a pension a lump sum benefit is payable to your dependants. This is equal to the sum of the pension payments during the Guarantee Period. However, if it would be of higher value, your pension will continue for your dependants at the same level (for the Guarantee Period only).
If the lump sum is not payable your pension will continue to be paid to your dependants at the same level for the Guarantee Period.
Very important: A spouse or registered civil partner will automatically receive a pension. If you are not married or in a civil partnership, you can nominate a partner to qualify for a pension on your death by completing a Partner Nomination Form. If you have a partner who you wish to receive the above-mentioned benefit on your death, please ensure you have one of these forms filled in.
If you do not have a spouse or civil partner, a dependant’s allowance may be paid if your partner or other dependant was financially dependent on you at the time of your death. This is subject to the consent of the Trustee.
Please note that this website contains a summary and general information about your benefits payable from the Plan. It is not a formal Plan document. Full details of the Plan are set out in the Trust Deed and Rules of the Plan, as amended from time to time (the Trust Deed and Rules). The Trust Deed and Rules are legal documents setting out your rights and obligations under the Plan and in the event of any inconsistencies between this website and the provisions of the Trust Deed and Rules, the Trust Deed and Rules shall be overriding.