Your Deferred Illustration Death benefits and making nominations Lump Sum   If you die whilst your benefits are still on hold with us, we will pay out a one off lump sum, normally to your personal representatives or to whoever you have nominated to receive it.

Did you leave the scheme on or before 31/03/2008?

We will pay the up to date value of your deferred lump sum, which is 3 times the up to date value of your pension.

Did you leave the scheme on or after 01/04/2008?

We will pay 5 times the up to date value of your pension.

Making a lump sum nomination

You can have your say over who you would like the lump sum to go to, by filling in a lump sum nomination form. You can nominate whoever you like to receive the lump sum - friends, family, partners, even an organisation such as your favourite charity.

Making a lump sum nomination

Changing a lump sum nomination

Your circumstances may have changed since the date recorded on your illustration so you may want to change your nomination by sending us a new form. You can change your nominated beneficiaries as often as you want to.

Dependants’ pensions

There are provisions for a pension for a surviving husband, wife, civil partner and *nominated co-habiting partner (plus any *eligible children) but the entitlement and rate of pension depends on when you were in the scheme and when the marriage or civil partner’s ceremony took place.

A widow’s pension is always payable but the amount can be lower if you got married after the deferred benefits were awarded.

A widower’s pension is only payable if you were in the scheme after 05/04/1988 and, again, the amounts can be lower if you got married after the deferred benefits were awarded.  A different rate of pension can apply depending on whether or not you were a member of the scheme on or after 01/04/08.

A civil partner’s pension is only payable if you were in the scheme after 05/04/1988 and, again, different rates can apply depending on whether or not you were a member of the scheme on or after 01/04/2008.  However, the entitlement to a pension is not affected by when the civil partner ceremony took place.

*Nominated Cohabiting Partners (NCPs) - making a nomination

If you were paying into the scheme on or after 01/04/08, we may pay a pension to a Nominated Cohabiting Partner (NCP) as long as certain qualifying conditions have been met.

For more information about this and to print off the nomination form, please click on the following link BUT remember that to nominate your partner, you must have been a member of the scheme on or after 01/04/08 ie if you left before then, you cannot make a nomination.

Nominating a cohabiting partner
Definition of nominated cohabiting partner
*Definition of 'eligible' / 'dependent' children

Opted out of A-Day tax changes?

In April 2006, the Government changed the tax legislation surrounding pensions.  The new rules automatically applied to all members who were still in the scheme on or after 05/04/06 but members who had left the scheme before then were able to opt out of the new legislation if they preferred. Information about this was contained in the 2007 deferred benefit statement and an opt-out slip was provided. It is no longer possible to make a decision about this now or to change your mind, but for those of you who opted out of the current tax rules, here is a summary of the effects:    

• you can give up some of your lump sum to increase your pension

• if you are a ‘Class C’ member ie you have continuous membership since before 17/03/87, you can give up some of your pension to create extra lump sum (but a spouse’s pension would be based on that reduced rate of pension)

• you cannot defer payment of your pension past the date shown on your statement

• if you paid Additional Voluntary Contributions (AVCs) into our in-house AVC account, you can only use the fund to create extra pension ie you cannot take any part of it as a lump sum

• you have the option to give up some of your pension to provide for dependants who otherwise wouldn’t be covered

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