If you die with deferred benefits Even if you have left the Scheme and have deferred benefits (benefits on hold) with us, you still have some lump sum life cover, and pensions for dependants too, as this section explains... Lump sum life cover If you die with deferred benefits, we will pay a lump sum. We are awaiting clarification on the Regulations, but we interpret them to mean:

If you left before 1 April 2008: three times the up to date value of your retirement pension.

If you left on or after 1 April 2008: three times the up to date value of your retirement pension for membership up to 1 April 2008 plus five times the up to date value of your retirement pension for membership from 1 April 2008.

Who we will pay the lump sum to
We have the final discretion who to pay, but we will always take your wishes into account. You can let us know your wishes by filling in a lump sum nomination form. If you would like one, please ask your employer, or click on the link below.

If you don’t nominate (or we cannot follow your wishes) we will normally pay the lump sum to your estate.

Other benefits
As well as the lump sum life cover described here, if you also leave dependants, there are benefits for them as well.

More about dependants’ pensions

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