A lump sum is paid if you die within the first five years of your first pension payment.
It will be the amount you would have been paid as a pension over the remaining years up to that five-year mark.
If you die within five years of retirement, we’ll send your next of kin/personal representative a Trustee questionnaire.
Once they send it back, we share it with the Trustee.
The Trustee decides where the tax-free death lump sum should be paid.
Your beneficiaries are notified, and the amount is confirmed to the personal representative (if applicable).