What happens if…
Things change and when they do, the Plan can provide valuable support for you and your family.
…with a deferred pension
If your deferred pension has not come into payment, a spouse’s GMP is payable.
If no spouse’s or civil partner’s pension is payable, your own contributions to the Plan with interest are payable as a lump sum.
If you die and your pension is in payment, your spouse or civil partner will receive half of the basic pension you were entitled to when you retired (before any exchange of pension for a cash sum).
If no spouse’s or civil partner’s pension is payable and you die within five years of your pension starting, a lump sum is payable equal to your own contributions to the Plan with interest, less the total value of pension instalments already paid to you and any tax-free cash.
You are entitled to transfer your pension to another registered pension arrangement.
Please remember that the Plan pension is a valuable benefit. If you wish to consider transferring your benefits, it would be advisable to seek independent financial advice. If your transfer value is greater than £30,000, it is a requirement to have independent financial advice.
If you are interested in transferring your Fund benefits, you can request a transfer value from the Pension Department. Your transfer value is guaranteed for three months from the date it is calculated. You are entitled to a statement once a year, unless it is required for divorce proceedings.