Ensuring your Dependants receive their benefits on time

A worry for us all is what happens to our loved-ones if we are no longer there to provide for them. If you should die whilst still an Active member of the DB Section, the Scheme will pay:

  • A lump sum equal to 4 times your Final Pensionable Earnings plus a refund of the value of any AVCs you may have paid; and
  • A pension for your Spouse, Civil Partner / same sex spouse or Dependant(s).

This is a very valuable benefit, which the Trustee wants to ensure is received by the correct recipients - as quickly as possible.

How does the Trustee decide who should receive the benefits?

The Trustee will refer to the Scheme rules when deciding who should receive these benefits, and sometimes it may not be immediately clear who you would want the payments to be made to.

Here’s where you can help

By completing an Expression of Wish Form, you are telling the Trustee who you want to receive these benefits. Nominating an individual (or individuals) means they are automatically eligible to receive benefits from the Scheme. This may mean your loved-ones are not required to provide evidence to the Trustee of their financial relationship with you.

If you should die without completing a Form, further documentation maybe required. This can significantly delay the payment of any benefits.

How do you update your Expression of Wish details?

This is very easy. Simply go to the Scheme website and download an Expression of Wish Form from the ‘Documents’ section. All you then need to do is complete the Form and return it to the DB Section Administrator.

It is worth providing a new Form every few years, to ensure that the Trustee knows your current wishes. You should also consider completing a Form if your circumstances change. For example, following:

  • Your Marriage, Divorce or the dissolution of a civil partnership;
  • The person(s) you have chosen has died;
  • If your children have grown up, and are no longer financially dependent on you; or
  • The birth of a child.
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