Making sure that your Dependants receive their benefits on time

A worry for many of us is what happens to our loved ones if we’re no longer there to provide for them. If you should die whilst still an Active member of the DC Section^*, the Scheme will pay:

• A lump sum equal to four times your Pensionable Pay, plus the value of the part of your Personal Account which relates to your personal contributions (including contributions paid using Pensions Plus); 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 decided 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 have wanted 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 may be 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 ‘Document library’. All you then need to do is complete the Form and return it to the Administration Team, using the contact details provided below.

It’s 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’ve chosen has died;
• If your children have grown up, and are no longer financially dependent on you; or
• The birth of a child.

You can also update your Expression of Wish details online. Simply go to the Scheme website and log in to ‘My account’.

^* If you were an Active member of the DB Section immediately prior to joining the DC Section the benefits payable may be different to those quoted. Please see the Scheme website for more information.