My pension if I die
When you die we will pay half your pension to your beneficiaries.
If you die while still an active member, we will also pay a lump sum of 4x your salary.
What if I die before accessing my pension?
If you die before retirement, we will pay the value of your pension to your spouse or civil partner, your loved ones, or your Estate. We will pay this as a lump sum. We will not pay an ongoing monthly or annual pension.
Life cover
If you are still in pensionable service, we will also pay a ‘life cover’ lump sum. This is four times your Pensionable Salary (this is your earnings over the last 12 months). There is no need to provide evidence of health.
Inheritance tax
As we have discretion over who to pay these lump sums to, the amounts fall outside of inheritance tax.
What if I'm terminally ill?
We understand that facing the prospect is extremely challenging. If you have less than 12 months to live we can pay the whole value of your pension pot to you, tax free.
This could enable you to spend money if you need to and leave money to your loved ones.
If you are facing this situation, please speak to us as soon as you can and we can help you through the process.
What if I die after receiving my pension?
Spouse or civil partner’s pension
When you retire, you decide if you would like your pension to continue to your spouse or civil partner when you die.
You can choose for half, or for your whole pension to pass on when you die. If you choose this, your monthly pension will be less.
If you do not choose this option when you retire, no pension is paid to your spouse or civil partner.
5 year guarantee period
If you die within 5 years of retiring, we will pay the remaining payments as a lump sum. For example, if you die 3 years after taking your pension, we will pay the remaining two years' worth of payments as a lump sum to your loved ones.
Nominating beneficiaries
We aim to pay both lump sums to whoever you nominate. This could be family members, loved ones, or charities.
We have discretion over who receives the final amounts. We do not have to follow your wishes if we feel it is sensible to override this, but we will always be guided by your wishes.
You can add your nomination on PensionsOnline. It is important to update your nomination if your circumstances change.