what happens if i die?

spouse or civil partner’s pension

If you leave a spouse or civil partner, they may be entitled to receive a pension of up to 50% of the pension at your date of death. If you took a lump sum when your pension started, the pension payable to your spouse or civil partner will be based on the pension you would have received if you had not taken a lump sum.

lump sum

If you die within five years of your pension starting, a lump sum equal to the value of five years’ worth of your pension, less any payments already made, may be payable. The Trustee has discretion to decide the person(s) to whom such a lump sum is paid. This should mean that any lump sum does not form part of your estate and is therefore not usually subject to inheritance tax under the current tax rules.

If your pension has been in payment for more than five years when you die, no lump sum is payable.

what else should i consider?

To make things easier on your family in the event of your death, you should make sure they know about your membership in the Fund, where they can get information about the Fund and the contact details of the Administration Team. You should let them know about this website, as it contains useful information for them should they need to contact the Fund.

You should also make sure that the Fund knows your current contact details, as this will help avoid confusion.

keeping your expression of wish form up to date

If you die, a lump sum might be payable to your potential beneficiaries.

The Trustee will decide who a lump sum should be paid to. To help them decide, members are encouraged to keep their Expression of Wish form up to date. This form tells the Trustee who the member wants to receive any payments. The Trustee doesn't legally have to pay lump sums based on this form, but ir will take this form into account when it makes its decisions.

If your pension has been in payment for more than five years, you do not need to complete an Expression of Wish form.