Benefits for your Dependents

What benefits are payable upon my death?

The following benefits may become payable on your death:

  • a lump sum, or
  • a Dependant’s pension

These benefits depend on whether you are in active service, retirement, or have left the Plan at the date of your death. You will be asked to complete an Expression of Wish form on joining the Plan, which will act as guidance to the Trustee when paying certain benefits on your death. However, this will not be binding on the Trustee and any lump sum death benefits will be payable at the Trustee’s discretion. 

Please note, it is very important to complete an Expression of Wish form. The Trustee may be unable to pay benefits to an unmarried partner unless they are nominated on an Expression of Wish form.

What happens if I die in service?

We will normally pay a lump sum of four times your Pensionable payFor new joiners to the WEC/UAM, DRS, Nexia or INS sections, we will normally pay a lump sum of three times your Pensionable Pay. 

The value of your Investment account will be used either to provide an additional lump sum benefit or to provide a pension for one or more of your Dependants. Any lump sum will normally be tax-free.

What happens if I die after I leave the Plan?

If you leave the Plan and then die before drawing your pension, the value of your Investment account at the date of your death will be paid either as a lump sum benefit or used to provide a pension, for one or more of your Dependants. Any lump sum will normally be tax-free.

What happens if I die after I retire from the Plan?

If you retire and then die whilst receiving your pension, the benefits payable will depend on the type of pension you chose to purchase when you retired, i.e. if you choose a joint life annuity then there will be a further benefit payable to a Dependant on your death.

How do I name someone to receive any benefits when I die?

You can name the person or people you would like to receive any lump sum payment or Dependant’s pension due on your death by completing an Expression of Wish form. Payment of the lump sum or pension to your nominee(s) will be subject to the discretion of the Trustee.