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Death in Service Benefits
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If you are a member and you die in service before Normal Retirement Date, the benefits payable are:
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Example |
A return of your own contributions plus interest if no pension is payable.
If you are married, a pension for your spouse equal to 25% of your Pensionable Salary at the date of death.
For each “Qualifying Child” (up to a maximum of two) an additional 50% of the spouse’s pension will be paid. If there are more than two children then the amount will be paid to any one or more of them and in the shares decided by the trustees.
If there is no spouse, or if the spouse dies, the child’s allowance will be doubled.
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Pensionable Salary is
£40,000.
Spouse's pension
(25% x £40,000
= £10,000 p.a. |
Notes
- “Qualifying Child” is any child whether lawful, natural or adoptive who is under the age of 18 or under the age of 22 and receiving full time education.
- The Trustees have the discretion to pay a pension to someone who is dependent on you or financially interdependent with you.
- If no spouse’s or child’s pension is payable there shall be paid an amount equal to the Member’s contributions plus interest.
- Cover for benefits payable on death in service may be subject to production of evidence of good health. You will be notified if you are affected. If you are absent from work owing to injury or illness on the date you are eligible to join the Scheme, there may be some restriction in your death in service benefits until you have returned to active service.
- There is no longer a death-in-service lump sum payment due under the Scheme. This benefit has been replaced by benefits payable under a new Excepted Group Life Assurance Scheme set up by Westpac Banking Corporation (the "Bank") and no longer forms part of the Scheme benefits. For further detail of this benefit you should contact the Bank.
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