Past employees


Benefits on death

Core and Non-Core Funds will provide valuable benefits to your dependents on your death. Make sure your Expression of Wish details are kept up-to-date to help the Trustee identify your beneficiaries.

Pensions paid following your death will increase at the same level as normal retirement pensions (see the Retired section for more information).

Death before retirement

Core Funds are used in the first instance to provide a pension to your legal spouse. The spouse's pension will be:

  • 50% of your Guaranteed Minimum Pension plus;
  • 1/160 x Pensionable Service after 5 April 1997 x 90% of highest 3-year average of Band Earnings* (adjusted to take account of inflation).

Any remaining Core Funds are paid as a death benefit lump sum.

All Non-Core Funds are paid as a death benefit lump sum.

*Band Earnings (sometimes known as Qualifying Earnings) are earnings between a lower and upper limit set by the Government each year. Band earnings are measured up to the date of leaving employment or 31 December 2010, whichever came earlier.

Death after retirement

Core Funds (or the Pensions Underpin if higher) will provide a pension to your legal spouse or dependant. The spouse’s/dependant’s pension will be 50% of the annual rate in payment at death. The outstanding balance of the first 5 years’ pension instalments, ignoring future increases will also be paid as a death benefit lump sum.

Death benefits from Non-Core Funds will depend on the annuity options selected at retirement.

Expression of Wish form

Recipients of the death benefit lump sum are determined at the discretion of the Trustee, after considering any Expression of Wish submitted by the member.

Using the member self-service portal Bwebstream you can update your Expression of Wish form – please ensure this is kept up-to-date so the Trustee can identify your beneficiaries.