As a retiree, the death benefits paid from the Fund will depend on the benefit structure that was chosen by your employer. However, generally speaking, the following benefits are payable:
Your pension from the Fund is guaranteed for five years in payment. Should you die within the first five years of receiving your pension, the remaining term would be paid, with an offset of any spouse’s pension payable, as a lump sum benefit.
Your spouse and, in some cases, eligible children may also receive a pension.
Any lump sums payable on death are paid at the discretion of the Trustee and therefore do not form part of an individual’s estate for Inheritance Tax purposes. Although lump sums are payable at the Trustee’s discretion, it may take into account any wishes of the deceased, and therefore it is important to keep your expression of wishes up to date. You can do this by either:
If you are currently in receipt of a pension that commenced due to the death of your spouse, no further benefits will be payable upon your death.