Contents

Overview

In this section we cover the benefits that may be payable after you die. Different benefits are payable, depending on your personal circumstances. The benefits could take the form of:

  • A pension to one or more of your loved-ones;
  • A one-off cash sum; or
  • Both.

Whilst the actual level of benefits paid are defined in the Plan rules, who receives these benefits is normally a matter for the Trustee to decide. The Trustee will always want to take your wishes into account when deciding who should receive any benefits payable. To see how you keep the Trustee informed of your wishes please refer to the ‘My Expression of Wish’ section below. 

Benefits before I start receiving my pension

The benefits payable are different depending on whether you are:

  • ‘In Service’ – this means you still work for the Company and contributing to the Plan;
  • ‘In Deferment’ – this means you have stopped contributing to the Plan, either because you no longer work for the Company (or have chosen to opt-out of the Plan) but are yet to start receiving your Plan pension.

You can see details of the benefits payable in either circumstance by choosing one of the options below:

Death in Service benefits

If you die ‘In Service’ the following benefits will be paid: 

Death in Service benefits

Death in Service benefits

Death in Service benefits

Death in Deferment benefits

If you die ‘In Deferment’ the following benefits will be paid: 

Cash sum

A lump sum is payable as follows: 

An amount equal to the total basic contributions paid by you or credited to you in relation to Final Salary AVCs (without interest); 

plus

An amount equal to the value of any money purchase Additional Voluntary Contributions (AVCs) attributable to you as at the date of death.

The lump sum is payable by the Trustee on discretionary trust. The Trustee decide who will receive the benefit but they will take account of your wishes so we recommend that you complete an Expression of Wish Form.

Spouse’s pension

If you die before Normal Pension Date 
Your spouse or registered civil partner will receive a pension for life equal to 60% of your deferred pension, increased to the date of your death

If you die without leaving a legal spouse or registered civil partner a dependant’s pension may be payable at the discretion of the Trustee. 

If you die after your Normal Pension Date but before the pension comes into payment

Your spouse or registered civil partner will receive a pension for life equal to 60% of the pension you would have received if you had retired the day before your death.

Benefits after I start receiving my pension

A Lump sum (Pension guarantee) +/-

If you die within five years of retiring, a lump sum equal to the pension payments which would have been made during the remainder of the five-year period will also be payable (disregarding future increases) less any spouse’s pension payable over the same period.

This is payable by the trustee on discretionary trust.

The Trustee decide who will receive the benefit but they will take account of your wishes so we recommend that you complete an Expression of wish form.

Spouse's pension or Dependant's pension +/-

If you die whilst receiving a pension, your spouse or registered civil partner will receive a pension equal to 60% of the pension payable to you at the date of death ignoring any commutation for a cash sum you may have chosen to receive at retirement.

If you die without leaving a legal spouse or registered civil partner, a dependant’s pension may become payable at the discretion of the Trustee.

Additional dependant’s pension +/-

You have the option before you retire to exchange part of your pension for an additional amount of pension to be payable to a nominated dependant following your death.

Child’s pension +/-

The Plan will also provide pensions for your children.

The children’s pensions in total will be equal to 20% of the spouse or registered civil partner’s pension multiplied by the number of children, up to a maximum of three.

These pensions are payable so long as they are: 

  1. under age 18; or
  2. under age 23 but in full-time education or training approved by the Trustee; or
  3. suffering from mental or physical disability which renders him or her, in the opinion of the Trustee, dependent upon you.

The children’s pension will be doubled if there is no spouse’s pension/registered civil partner/dependant’s pension or if the spouse’s/registered civil partner/dependant’s pension ceases to be payable.

These pensions will be distributed between pensionable children in accordance with the Plan rules.

Bank of Ireland members only+/-

Lump sum (Pension guarantee) +/- 

If you die within five years of retiring, a lump sum equal to the pension payments which would have been made during the remainder of the five-year period will also be payable.

Spouse's pension or Dependant's pension +/- 

Your spouse or registered civil partner will receive a pension equal to 60% of the pension that would have been payable to you at the date of death ignoring any commutation for a cash sum you may have chosen to receive at retirement.

If there is no spouse/or registered civil partner, a dependant’s pension may become payable at the discretion of the Trustee.

Children’s pension +/-

The Plan will also provide pensions for your children.

The children’s pensions in total will be equal to 25% of the spouse or registered civil partner’s pension multiplied by the number of pensionable children, up to a maximum of four children.

These pensions are payable so long as they are: 

  1. under age 16; or
  2. under age 21 but in full-time education or vocational training approved by the Trustee.

These pensions will be distributed between the pensionable children in accordance with the Plan rules.

My Expression of Wish

An ‘Expression of Wish’ let’s the Trustee decide who will receive the benefit but they will take account of your wishes so we recommend that you complete an Expression of Wish form.