|
|
|
Death After Retirement Benefits
|
|
When you retire you may choose the level of protection for your dependants.
For example you may elect to have the pension continue on your death to your spouse at a rate of half or two thirds of your pension, or for the pension to cease completely on your death.
You may elect to have your pension paid for a minimum of five years even if you should die within five years of retirement.
The better the level of protection for your dependants the lower the level of your pension.
|
Notes
- All lump sums will be paid to such one or more of your dependants or to your estate in such shares as the Trustees shall decide according to the terms of the formal trust documents. This is to allow for prompt payment and to avoid Inheritance Tax. Although the Trustees will decide who will receive the benefit, you can tell them in confidence to whom you would like the money paid. If you have not already done so, please complete the Death Benefit Nomination Form included with this booklet.
- Your spouse’s pension is payable by monthly instalments after deduction of Income Tax commencing on the first day of the month after you die.
- Each child’s allowance will cease when the recipient ceases to be a Qualifying Child.
- The Trustees have the discretion to pay a pension to someone who is dependent on you or financially interdependent with you.
|
|
