Death in retirement

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On your death in retirement, your spouse and/or dependants will receive any pension or death benefits that you purchased for them from your Retirement Account at the time of your retirement.

 

In addition, any part of your Retirement Account that you haven't drawn, either from the Plan or after having transferred it to another pension or drawdown arrangement, will be payable.

 

 

 

 

Previous members of Section 2

In the event of your death, after your pension has come into payment the following benefits are due:

 

  • Should you die in the first 5 years after you retire, your spouse or adult dependant will receive a pension, equal to the pension you were receiving for the remainder of the 5-year period

 

  • If you die more than 5 years after retirement, your spouse or adult dependant will receive a pension, equal to the pension you were receiving at date of death, for a period of 91 days after your death

 

  • After the end of this 5-year or 91-day period, your spouse or adult dependant will receive a pension equal to one-half of the pension you were receiving at the date of death including any pension you exchanged for tax-free cash at the time of your retirement

Previous member of Section 3

In the event of your death, after your pension has come into payment the following benefits are due:

 

  • Should you die in the first five years after you retire, a cash lump sum will be payable at the discretion of the Trustees. It will normally be the total amount of pension that would have been paid for the remainder of the five years

 

  • If you die more than five years after your spouse or adult dependant will receive a pension, equal to the pension you were receiving at the date of your death, for a period of 91 days after your death

 

  • Immediately on death if you die within five years of retirement, or at the end of the 91 day period, a spouse's or Adult Dependant's pension will become payable

 

  • After the end of this 5-year or 91-day period, your spouse or adult dependant will receive a pension equal to one-half of the pension you were receiving at the date of death including any pension you exchanged for tax-free cash at the time of your retirement

On your death in retirement, your spouse and/or dependants will receive any pension or death benefits that you purchased for them from your Retirement Account at the time of your retirement.

 

In addition, any part of your Retirement Account that you haven't drawn, either from the Plan or after having transferred it to another pension or drawdown arrangement, will be payable.