Looking after your loved ones

The Plan can offer financial support to your loved ones when you die. In this section, we explain the benefits available.

Overview

In this section, we cover the benefits that may be payable after you die. Different benefits are payable, depending on your personal circumstances, whether you’ve taken your pension benefits or not, and which section of the Plan you belong to.

Please note some of the benefits we’ve described may be different if you continued to be employed by the Company after the Plan closed to future accrual on 31 October 2024.

Additionally, if you left the Plan before 17 May 1990, the amount of pension payable to your surviving spouse or civil partner may be different. If this affects you, and you would like to know more, please get in touch with Trafalgar House.

The benefits could take the form of:

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

While 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 keep the Trustee informed of your wishes, please go to the ‘nominated beneficiaries’ section of your My Work Pension account. You will find this under the ‘Your account’ menu. Alternatively, please get in touch with the Plan’s administrator, Trafalgar House, and they will be able to send you a form.

Benefits if I die before retirement (HP section members only)

If you die before taking your the following benefits will be paid:

A lump sum equal to the value of any additional voluntary contributions (AVCs) will be paid.

If you’re yet to take your benefits and die after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

The Trustee decides who will receive the benefit but they will take account of your wishes. To keep the Trustee informed of your wishes, please go to the ‘nominated beneficiaries’ section of your My Work Pension account. You will find this under the ‘Your account’ menu. Alternatively, please get in touch with the Plan’s administrator, Trafalgar House, and they will be able to send you a form.

Your spouse or civil partner will receive a pension for life. This will be the greater of:

a) 1/160 x your final reckonable salary for pensionable service after 6 April 1978; and

b) 1/160 of your final reckonable salary for pensionable service after 6 April 1978 and before 5 April 1997, and 1/160th of band earnings of pensionable service revalued to date of death.

If you were to die after your normal retirement date not having taken your benefits, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

Where your spouse or civil partner is more than 15 years younger than you, the pension they’ll be paid by the Plan will be reduced. The level of reduction will not be more than 2.5% for each year greater than 15 years.

Additionally, if you left the Plan before 17 May 1990, the amount of pension payable to your surviving spouse or civil partner may be different. If this affects you, and you would like to know more, please get in touch with Trafalgar House.

If you die before your normal pension date
No pension will be payable.

If you die after your normal pension date
A children’s pension will be payable equal to 15% of the pension you would have received if you had retired the day before your death, multiplied by the number of children (up to a maximum of three).

If no pension is being paid to a spouse, civil partner or other dependant (or if such a pension ceases to be payable while there are still pensionable children), the percentage will increase.

The Plan defines eligible children as follows:

Your natural children
Stepchildren by marriage if they are financially dependant you at date of your death
Children legally adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death

A pension paid to a child will be payable until age 18 or age 23 if they remain in full time education, or training approved by the Trustee. If an eligible child is wholly incapacitated, the Plan will pay them a child’s pension for as long as they remain incapacitated.

The Trustee has discretion to award a pension to a dependant with the agreement of the Company. The Trustee also has discretion to decide the amount payable as long as the total amount (along with any spouse’s pension), does not exceed the total amount payable to a spouse or civil partner.

Although the Trustee decides who will receive the benefit, they will take account of your wishes. To keep the Trustee informed of your wishes, please go to the ‘nominated beneficiaries’ section of your My Work Pension account. You will find this under the ‘Your account’ menu. Alternatively, please get in touch with the Plan’s administrator, Trafalgar House, and they will be able to send you a form.

Benefits if I die before retirement (Digital section members only)

If you die before your normal pension date
The Plan will pay the total of your contributions (without interest) plus, if applicable, the value of your additional voluntary contribution (AVC) fund at the date of your death. Allowance is made for any notional contributions you’ve paid through salary sacrifice.

If you’ve yet to take your benefits and were to die after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

The Plan will pay 60% of your revalued deferred pension to your surviving spouse or civil partner.

If you were to die after your normal retirement date without having taken your benefits, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

If you don’t leave a spouse or civil partner, the Trustee has discretion to award a pension to a dependant. This would normally be the same amount that your surviving spouse or civil partner would have received but the Trustee has discretion to pay a smaller amount.

Under the Rules, no child’s pension is payable. However, if you’re yet to take your benefits and die after your normal retirement date, a benefit may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

The Plan defines eligible children as follows:

Your natural children
Stepchildren if they are financially dependant on the you at date of your death
Children legally adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death

A pension paid to a child will be payable until age 18 (or age 23 if your child remains in full-time education or training approved by the Trustee). If, in the Trustee’s opinion any child is suffering from a mental or physical disability which would have rendered the child dependent on you, a pension will continue to be paid to them for as long as they remain in that situation.

Benefits if I die before retirement (Bank of Ireland section members only)

The Plan will pay an amount equal to the total value of any contributions you’ve made to the Plan, as well as the value of any additional voluntary contributions (AVC) built up by you, or credited to you.

If you’ve yet to take your benefits and die after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

If you die before your normal pension date
Your spouse or registered civil partner will receive a pension for life. This will be equal to 60% of your deferred pension (accrued since 6 April 1978), revalued to the date of your death.

If your were to die after your normal retirement date, without having taken your benefits, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

If your spouse is more than 10 years younger than you, the pension they are paid will be reduced as the Trustee decides.

The Trustee has discretion to award a pension to a dependant with the agreement of the Principal Employer. This will normally be the same amount that would have been payable to a spouse, but the Trustee has discretion to decide the amount.

No pension will be payable.

However, if you’re yet to take your benefits and die after your normal retirement date, then some benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

The Plan defines eligible children as follows:

Your natural children
Stepchildren by marriage (if the are financially dependant on the you at date of your death)
Children legally adopted by you before leaving service
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death

A pension paid to a child will be payable until age 16, or age 21 if your child remains in full-time education or training approved by the Trustee. If any child is wholly incapacitated, a pension will continue to be paid to them for as long as they remain incapacitated.

Benefits if I die before retirement (Medas section members only)

If you die before your normal pension date
A cash sum will only be payable where there’s no qualifying spouse or eligible child to whom the Plan would pay a pension. The amount paid would be five times the value of your pension at the time you left the Plan, revalued to the date you died.

If you’re yet to take your benefits and were to die after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

The Plan will pay two thirds of your revalued, deferred pension to your surviving spouse or civil partner.

If you die without having taken your retirement benefits and after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

Under the rules, your spouse or civil partner is not automatically entitled to a pension if:

they didn’t live with you at the date of your death
your marriage/civil partnership took place less than six months before your death

However, the Trustee may award a spouse’s pension at its discretion. If the Trustee does award a spouse’s pension, and if your surviving spouse of civil partner is more than 10 years younger than you, the Trustee can reduce the level of pension they are paid. This can be by up to 2.5% for each full year they are younger than you.

The Trustee has discretion to pay to a non-qualifying spouse a pension of up to two thirds of your revalued deferred pension. This will be halved while a child’s pension is also payable and reduced by the amount of spouse’s GMP where a spouse’s pension is also payable.

The Plan will pay one third of your revalued, deferred pension to be shared amongst any eligible children However, if the Plan is not paying a spouse’s pension, the amount of pension will be the lower of two thirds of revalued deferred pension, and the total revalued deferred pension (less any spouse’s guaranteed minimum pension).

If your we to die before taking your benefits and after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

The Plan defines eligible children as follows:

Your legitimate and illegitimate children
A child conceived but not yet born
Children adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death

A pension paid to a child will be payable until age 18 or age 23 if they remain in full time education, or training approved by the Trustee. The Plan will also pay an pension to any eligible child who is financially dependent because of a disability.

Benefits if I die before retirement (EDS section members only)

If you die before your normal pension date
The Plan will pay the total of your contributions plus, if applicable, the value of any AVC fund at the date of your death.

The Plan will pay 50% of your revalued, deferred pension to your surviving spouse or civil partner.

The Trustee has discretion to award a pension to a dependant. The Trustee has discretion to decide the amount payable as long as the total amount (along with any spouse’s pension) does not exceed the total amount payable to a spouse.

If you’ve not yet taken your benefits and were to die after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

Under the rules, there is no automatic right to a child’s pension. However, the Trustee can use discretion to award an eligible child a dependant’s pension.

If you were to die after your normal retirement date, then different benefits may be payable. Please contact the Plan’s administrator, Trafalgar House for more information.

The Plan defines eligible children as follows:

Your biological children
Stepchildren if they were financially dependant you at the date of your death
Children legally adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death.

A pension paid to a child will be payable until age 18, or age 23 if your child remains in full-time education or training approved by the Trustee.

Benefits if I die after retirement (HP section members only)

Usually, no cash sum will be payable.

However, if you retired on the grounds of incapacity, and die before reaching your normal retirement date, a cash sum will be paid. This also applies if you are a ‘closure’ member. The sum paid will be equal to four times your basic pensionable salary, calculated at their date of your retirement.

The Plan will pay a pension equal to 60% of the pension which would have been payable on the date you died. The amount payable will ignore any amount of your pension you may have chosen to convert to a cash sum when you retired.

The Trustee has discretion to award a pension to a dependant with the agreement of the Company. The Trustee has discretion to decide the amount payable, as long as the total amount (along with any spouse’s pension) does not exceed the total amount payable to a spouse/civil partner.

Any eligible children will each receive 15% of your pension, up to a maximum of three children. The amount the Plan will pay will be doubled if you leave no surviving spouse/civil partner. The same applies where your spouse/civil partner dies after you, but while there are still children eligible to receive a child’s pension.

The Plan defines eligible children as follows:

Your natural children
Stepchildren by marriage if they are financially dependant you at date of your death
Children legally adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death.

Benefits if I die after retirement (Digital section members only)

If you die within five years of retirement, the Plan will pay a cash sum. The amount will be equal to the pension payments that would have been paid in the remaining five years. However, it will be reduced by the amount of any pension payable to a surviving spouse or civil partner over the course of the remainder of that five-year period.

The amount of any cash sum will not make any allowance for any future increases.

The Plan will pay your surviving spouse or civil partner a pension. The amount will be equal to 60% of the your pension, calculated at the point you retired and increased to the date of your death. The pension payable will not be reduced if you took a tax-free cash sum at retirement.

If you don’t leave a spouse or civil partner, the Trustee has discretion to award a pension to a dependant. The amount would normally be the same that your surviving spouse or civil partner would have received, however the Trustee has discretion to pay a smaller amount.

The Plan will pay a pension equal to one fifth of the spouse’s pension. The amount will be paid to each eligible child up to a maximum of three children.

If you don’t leave a spouse of civil partner, the amount of child’s pension will be doubled.

If your spouse or civil partner dies while there are still eligible children, the amount of child’s pension will also be doubled.

The Plan defines eligible children as follows:

Your natural children
Stepchildren if they are financially dependant on the you at date of your death
Children legally adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death

A pension paid to a child will be payable until age 18or age 23 if your child remains in full-time education or training approved by the Trustee. If, in the Trustee’s opinion any child is suffering from a mental or physical disability which would have rendered the child dependent on you, a pension will continue to be paid to them for as long as they remain in that situation.

Benefits if I die after retirement (Bank of Ireland section members only)

If a you were to die within five years of retirement, a lump sum may be paid. The amount will be equal to the pension payment that would have been payable for the remainder of the five-year period. However, no allowance will be made for any potential, future increases.

The Trustee decides who will receive the benefit but they will take account of your wishes. To keep the Trustee informed of your wishes, please go to the ‘nominated beneficiaries’ section of your My Work Pension account. You will find this under the ‘Your account’ menu. Alternatively, please get in touch with the Plan’s administrator, Trafalgar House, and they will be able to send you a form.

The Plan will pay your surviving spouse/civil partner a pension equivalent to 60% of your pension. The amount payable will ignore any cash sum you may have chosen to take when you retired.

Where your spouse is more than 10 years younger than you, the pension they are paid will be reduced as the Trustee decides.

The Trustee has discretion to award a pension to a dependant with the agreement of the Company. This will normally be the same amount that would have been payable to a spouse or civil partner, but the Trustee has discretion to decide the amount.

The Plan will pay 25% of the spouse’s pension for each eligible child. This is up to maximum of four children.

The Plan defines eligible children as follows:

Your natural children
Stepchildren by marriage (if the are financially dependant on the you at date of your death)
Children legally adopted by you before leaving service
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death

A pension paid to a child will be payable until age 16 or age 21, if your child remains in full-time education or training approved by the Trustee. If any child is wholly incapacitated, a pension will continue to be paid to them for as long as they remain incapacitated.

Benefits if I die after retirement (Medas members section members only)

If you were to die within five years of retiring, a lump sum will be paid. The amount the Plan will pay will be equal to the pension payment that would have been payable for the remainder of the five-year period. However, no allowance will be made for any potential, future increases.

The Trustee decides who will receive the benefit but they will take account of your wishes. To keep the Trustee informed of your wishes, please go to the ‘nominated beneficiaries’ section of your My Work Pension account. You will find this under the ‘Your account’ menu. Alternatively, please get in touch with the Plan’s administrator, Trafalgar House, and they will be able to send you a form.

The Plan will pay a pension to your surviving spouse or civil partner. The amount will be equal two thirds of your pension. The pension paid to your surviving spouse or civil partner will not be reduced if you chose to take a tax-free cash sum at retirement.

Under the Rules, your spouse or civil partner is not automatically entitled to a pension if:

they didn’t live with you at the date of your death
your marriage/civil partnership took place less than six months before your death

However, the Trustee may award a spouse’s pension at its discretion. If the Trustee does award a spouse’s pension, and if your surviving spouse or civil partner is more than 10 years younger than you, the Trustee can reduce the level of pension they are paid. This can be by up to 2.5% for each full year they are younger than you.

The Trustee has discretion to pay a pension to someone who, in its opinion, was financially dependent on you when you died.

The Plan will will pay a pension equal to one third of your pension. The amount of pension won’t be reduced if you chose to convert some of your pension into a cash sum when you retired. If you leave more than one eligible child, the pension will be shared between them.

The Plan defines eligible children as follows:

Your legitimate and illegitimate children
A child conceived but not yet born
Children adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death

A pension paid to a child will be payable until age 18 or age 23 if they remain in full time education, or training approved by the Trustee. The Plan will also pay a pension to any eligible child who is financially dependent because of a disability.

Benefits if I die after retirement (EDS members section members only)

If you die within five years of retirement, a lump sum will be paid by the Plan. The amount will be equal to the pension payments that would have been paid for the remainder of the five-year period. The amount paid will make an allowance for future increases.

The Plan will pay your surviving spouse or civil partner a pension equal to 50% of your pension. This will be based on the pension you were entitled to at the point you retired (before taking any tax-free cash sum sum), and increased to date your death.

The Trustee has discretion to pay a pension to someone who, in its opinion, was financially dependent on you when you died.

The Plan will only pay a child’s pension if there is no spouse’s pensions being paid. Where the plan pays a child’s pension, the amount will be equal to one third of the pension that would have been payable to your surviving spouse or civil partner. A child’s pension will be paid for up to three children. If there are more than three children, the total amount will be shared between them, with the individual amounts set entirely at the Trustee’s discretion.

The Plan defines eligible children as follows:

Your biological children
Stepchildren if they were financially dependant you at the date of your death
Children legally adopted by you
Any other children who, in the Trustee’s opinion, were dependent on you at the date of your death.

A pension paid to a child will be payable until age 18, or age 23 if your child remains in full-time education or training approved by the Trustee.

Letting the Trustee know your wishes

If you were to die, some benefits may be paid to your loved ones automatically. Meanwhile, other benefits will be paid at the discretion of the Trustee. However, the Trustee will want to take your wishes into account. To keep the Trustee informed of your wishes, please click on the button below to sign into your My Work Pension account. Once you’ve done this, go to the ‘nominated beneficiaries’ section, which you’ll find under the ‘Your account’ menu. Alternatively, please get in touch with the Plan’s administrator, Trafalgar House, and they will be able to send you a form.

My Work Pension

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Guidance

Looking after your loved ones

Overview – benefits when you die

Benefits if you die before retirement (HP section members yet to take their benefits)

Cash sum (HP section members yet to take their benefits)

Spouse’s pension (HP section members yet to take their benefits)

Child’s pension (HP section members yet to take their benefits)

Dependant’s pensions (HP section members yet to take their benefits)

Cash sum (Digital section members yet to take their benefits)

Spouse’s pension (Digital section members yet to take their benefits)

Dependant’s pensions (Digital section members yet to take their benefits)

Child’s pension (Digital section members yet to take their benefits)

Cash sum (Bank of Ireland members yet to take their benefits)

Spouse’s pension (Bank of Ireland section members yet to take their benefits)

Dependant’s pensions (Bank of Ireland members yet to take their benefits)

Child’s pension (Bank of Ireland section members yet to take their benefits)

Cash sum (Medas section members yet to take their benefits)

Spouse’s pension (Medas section members yet to take their benefits)

Dependant’s pensions (Medas section members yet to take their benefits)

Child’s pension (Medas section members yet to take their benefits)

Cash sum (EDS section members yet to take their benefits)

Spouse’s pension (EDS section members yet to take their benefits)

Dependant’s pensions (EDS members yet to take their benefits)

Child’s pension (EDS members yet to take their benefits)

Cash sum (HP members who have taken their retirement benefits)

Spouse’s pension (HP members who have taken their retirement benefits)

Dependant’s pensions (HP members who have taken their retirement benefits)

Child’s pension (HP members who have taken their retirement benefits)

Cash sum (Digital members who have taken their retirement benefits)

Spouse’s pension (Digital members who have taken their retirement benefits)

Dependant’s pensions (Digital members who have taken their retirement benefits)

Child’s pension (Digital members who have taken their retirement benefits)

Cash sum (Bank of Ireland members who have taken their retirement benefits)

Spouse’s pension (Bank of Ireland members who have taken their retirement benefits)

Dependant’s pensions (Bank of Ireland members who have taken their retirement benefits)

Child’s pension (Bank of Ireland members who have taken their retirement benefits)

Cash sum (Medas members who have taken their retirement benefits)

Spouse’s pension (Medas members who have taken their retirement benefits)

Dependant’s pensions (Medas members who have taken their retirement benefits)

Child’s pension (Medas members who have taken their retirement benefits)

Cash sum (EDS members who have taken their retirement benefits)

Spouse’s pension (EDS members who have taken their retirement benefits)

Dependant’s pensions (Medas members who have taken their retirement benefits)

Child’s pension (EDS members who have taken their retirement benefits)

Letting the Trustee know your wishes

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