Scheme benefits - Death benefits
The death-in-service lump sum payable would be equal to four years' (non-capped) Salary in the last year of your employment.
Salary = £20,000
Lump sum death benefit = £80,000
- For GO21 members – the death-in-service lump sum would be based on 4 x (non-capped) Protected Pensionable Salary.
- The lump sum is at the discretion of the Trustee, who will take into account the person or people you have nominated on your Letter of Intent form.
- This means the lump sum usually isn’t subject to Inheritance Tax and it can be paid without delay.