Key Features
Death Benefits Payable
Death benefits from the Final Salary Section
Lump sum benefit
For those who were active members when the Scheme closed to future accrual on 30 April 2011, in the event of their death before leaving the Company or retiring, a lump sum of four times salary is payable to one or more beneficiaries of the member, at the discretion of the Trustee Directors.
Spouse's pension
In the event of death before or after retirement, the member’s spouse would be paid a pension, which is a proportion of the member’s pension. The proportion payable depends on whether the surviving spouse was married to the member, or in a civil partnership with the member. Further details are provided in the definition of spouse section.
Death benefits from the Money Purchase Section (including AVCs)
In the event of death before retirement, the value of any Employer contributions would be used to purchase a spouse, or dependant's pension and the value of any AVCs would be returned to the deceased's dependants or nominated beneficiaries.
In the event of death whilst in receipt of a retirement pension, a widow or widower's pension would be paid to a legal spouse only if the original retirement pension was purchased with attaching cover for a spouse on death, not on a single life basis.