To help you prepare for the future the Experian Retirement Savings Plan offers life assurance of four times your Pensionable Pay whilst employed by Experian. This is normally paid tax-free, but may be subject to a tax charge if total benefits exceed the Lifetime Allowance set by HMRC. This benefit gives you the comfort that your family and loved ones would have financial support if you should die whilst working for the Company.
The level of life assurance benefit available through the Plan is as follows:
| Your basic contributions |
The Company's contributions |
Life assurance benefit |
| 3% |
7% |
Four times Pensionable Pay |
| 4% |
8% |
Four times Pensionable Pay |
| 5% |
10% |
Four times Pensionable Pay |
The lump sum available from the Plan is subject to the Trustees arranging insurance for this benefit on normal terms. In some rare circumstances this insurance may not apply to certain members but you will be advised if this applies to you.
Your beneficiaries will also receive a refund of the accumulated value of your retirement savings on your death (or if the Trustees consider it appropriate, a retirement income (annuity) for one or more of your dependants).
Life assurance if you leave the Company
If you decide to leave the Company you cannot make any further contributions to the Plan. In the event of your death a refund of the accumulated value of your retirement savings will be paid to your chosen beneficiaries or dependants and the lump sum benefit of four times Pensionable Pay will not apply. However, this refund will not be payable to your beneficiaries if you have already taken a refund of your contribution, less tax, on leaving the Plan.
You should note that the Trustees retain the right to purchase an annuity (income) for one or more of your dependants if they deem this appropriate.
Life assurance if you leave the Plan but remain employed by the Company
If you stop paying contributions to the Plan but you remain employed by the Company, then your dependants would be eligible for a separate lump sum benefit under the Company’s life assurance policy of two times your salary and the lump sum benefit of four times Pensionable Pay will not apply. A refund of the accumulated value of your retirement savings will also be paid to your selected beneficiaries or dependants unless you have already taken a refund of your contributions, less tax, on leaving the Plan.
Life assurance benefits after you retire
Life assurance ceases when you leave or retire from the Company.
Nomination form
You are encouraged to complete a Nomination form with details of your chosen beneficiaries and to ensure that this is kept up to date as your personal circumstances change. The Trustees will take your wishes into account, although for legal reasons they cannot be bound by them.