What happens to my fund if I die before I take my benefits? (DC Schemes)

Defined Contribution schemes

The scheme you are in will determine any payments should you die before taking any benefits. Please have a look at your scheme guide for further details of the death benefits that would be paid. Payments usually consist of a return of your fund value.

If your employer offers life cover, you are in employment and paying contributions at the date of death, an additional lump sum may be payable. You should note that the payment of death benefits is at the discretion of the Trustee. Under current legislation this means that they do not form part of your estate for inheritance tax purposes. To help them understand your wishes it is important that your nominees are kept up to date by updating your details in your Retirement Savings Account or completing and returning a Nomination Form.