Death benefits before retirement
The Plan is designed to protect your beneficiaries if you die whilst in pensionable service.

Death benefits during pensionable service
If you were in pensionable service your beneficiaries will receive a lump sum from the Plan equal to: 

• four times the higher of your pensionable pay in the twelve months prior to death or your pensionable pay in any of the last three Plan years ending before your death.
• a refund of the accumulated value of your retirement savings (or if the Trustees consider it appropriate, a retirement income for one or more of your dependants).

The lump sum death benefit is subject to the Trustees being able to arrange insurance for this benefit on normal terms. There are limited circumstances under which this insurance would not apply to certain members. You will be advised if any of these affect you.

Death benefits after leaving the Company or opting-out of Plan membership
If you have left pensionable service the total value of your retirement savings will be paid as a lump sum to your selected beneficiaries or dependants (or if the Trustees consider it appropriate, an annuity will be bought for one or more of your dependants) unless you received a refund of your contributions, less tax, on leaving the Plan.

If you have opted-out of Plan membership, but remain in employment with the Company, your dependants will receive a separate lump sum under the life assurance provided by the Company, equivalent to four times your salary. 

Death benefits after retirement
If you die after you have used your savings to buy an annuity, the benefits payable to your family and spouse will depend on the choices you made when you bought your annuity.

Looking after your loved ones
To ensure that your beneficiaries are protected in the event of your death you should keep your nomination form up to date at all times.

If you are yet to complete one, or need to update your current form, you can do this online using our secure website.

The Trustees are not bound by your wishes but will take them into account. As the Trustees have this discretion, death benefits can generally be paid free from inheritance tax under current tax legislation.