If you die whilst you’re an active member of the Plan, your dependant(s) will receive the value of your pension fund together with a death in service life assurance payment.

If you die whilst a deferred member (i.e. you’ve left the Plan, but not yet retired) your dependant(s) will receive a lump sum equal to the value of your pension fund.

If you die after you’ve retired, the benefits your dependant(s) receive will depend on the options you chose at retirement. All benefits will leave the Plan whilst you’re in retirement, in receipt of an annuity (guaranteed income for life) or taking your money via drawdown.

If your benefits are still in the Plan they are paid at the discretion of the Trustee, which means they can generally be paid free from inheritance tax. When you first join the Plan, you should complete an expression of wish form advising the Trustee who you would like to receive any tax-free cash sum payable in the event of your death. The beneficiary or beneficiaries can be any person or charitable organisation.