The Scheme offers financial protection for your dependants on your death after retirement by providing:
- A five year pension guarantee - if you die before you have received five years’ instalments of your pension, the Scheme will pay a cash sum equal to the outstanding pension payments for the remainder of five years. (This is not payable to ScottishPower or FSLP members who have retired on the grounds of ill-health, instead they receive a cash life assurance sum.)
- A pension for a spouse, civil partner or other financial dependant.
- A pension for any eligible children.
Don’t forget to keep your Nomination Forms up to date!
The Trustee has discretion over who receives any lump sum benefits payable. This means that they are generally exempt from inheritance tax. So that the Trustee knows who you would like to receive any lump sum, you need to complete a Nomination for Lump Sum Life Assurance Benefit Form. If you haven’t completed a form recently, or your wishes change, make sure you submit a new form. This will help the Trustee to consider your wishes and make any decisions regarding lump sum benefits. Please note that although the Trustee will take your wishes into account, it is not legally obliged to follow them.
If you are not married or in a civil partnership, or have other financial dependants, you may also wish to complete a Nomination for Dependant’s Pension Benefit Form. This will let the Trustee know of any financial dependant that you would like to receive a dependant’s pension in the event of your death. The Trustee has the final say in who receives any dependant’s pension payable, and will use your form to help them make their decision.