What happens if I die after I leave the Scheme, but before taking my pension?
If you leave the Scheme with a deferred pension and die before retirement a pension equal to 50% of your deferred pension at the date of your death will be paid to your surviving spouse or civil partner. If you are not married or in a civil partnership, but are living with a partner who is financially dependent or interdependent on you at the time of your death, then a pension may be paid at the discretion of the Trustee.
If no spouse, civil partner or dependant's pension is payable, a lump sum equal to 50% of the value of your deferred pension revalued to the date of your death will be payable.
If the lump sum payable on death as a deferred member exceeds the lump sum and death benefit allowance, the excess will be subject to income tax.
Children’s pensions are not paid following the death of a deferred member.
What happens if I die during my retirement?
If you die after you’ve started to receive your pension and you are survived by your spouse or civil partner, a pension of 2/3rds of your pension at the date of your death will be paid to them. If you are not married or in a civil partnership, but are living with a partner who is financially dependent or interdependent on you at the time of your death, then a pension may be paid at the discretion of the Trustee.
If you are under age 75 and you die before five years’ pension instalments have been paid, a lump sum is payable. If the lump sum payable exceeds the lump sum and death benefit allowance, the excess will be subject to income tax.
Children’s pensions are not paid following the death of a pensioner member.