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The HP Limited Retirement Benefits Plan

MyPension

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 contribute 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 death in deferment benefits

Death in Service benefits

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

A cash sum

A cash sum equal to four times your annual basic salary (or such other multiple chosen through salary sacrifice).  This benefit is usually payable from a separate trust to the HP Plan Trust, although it may be paid from the Plan if you have previously applied for Enhanced Protection. 

If you paid AVCs, a lump sum equal to the value of those AVCs is also payable. 

The Trustee has discretion as to whom payment is made.

A Spouse’s pension

Your spouse or registered civil partner will receive a pension for life equal to 36% of your Basic Salary at the date of death.

If your spouse/registered civil partner to whom a pension is payable is more than 15 years younger than you, the pension will be reduced.

It may also be possible for a pension to be paid to one of your dependants upon your death. However, this is subject to the agreement of the Company and the Trustee.

Child’s pensions

The Plan will also provide pensions for your children.

The children’s pension in total will be equal to 9% of your Basic Salary at the date of your death multiplied by the number of children, up to a maximum of 3 children.

If there is no spouse’s/registered civil partner’s/dependants’ pension or if the spouse’s/registered civil partner’s/dependant’s pension ceases to be payable while there are still pensionable children, the percentage may be increased.

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

These pensions are payable so long as the children are: 

  1. under age 18; or
  2. under age 23 but in full-time education or training approved by the Trustee; or
  3. dependent on you at date of death and are or become wholly incapacitated before age 18 or before reaching age 23 (while still in education or training approved by the Trustee) and remain wholly incapacitated.

Bank of Ireland members only

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

A cash sum

A cash sum equal to four times your salary or such other multiple chosen through salary sacrifice.

This benefit is usually payable from a separate trust to the HP Plan Trust, although it may be paid from the Plan if you have previously applied for Enhanced Protection.

In addition, the following lump sums may also be payable:

  • An amount equal to the total contributions paid by you or credited to you with interest from the date of payment to the date of death at the rate of 2.5% per annum; plus
  • An amount equal to the value of any additional voluntary contributions attributable to you at the date of death.

The Trustee has discretion as to whom payment is made.

A Spouse’s pension

If you die whilst in Pensionable Service, your spouse or registered civil partner will receive a pension for life equal to:

  • If you die before Normal Pension Date: 60% of the pension you would have received if you had stayed in Pensionable Service to Normal Pension Date but based on your Final Pensionable Salary at the date of your death.
  • If you die after Normal Pension Date: 60% of the pension you would have received if you had retired immediately before your death (ignoring any commutation). 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

Child’s pensions

The Plan will also provide pensions for your children.

The children’s pension in total will be equal to 25% of the spouse or registered civil partner’s pension multiplied by the number of children, up to a maximum of 4.

These pensions are payable so long as the children are: 

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

This pension will be distributed between the pensionable children in accordance with the Plan rules.

Death in Deferment benefits

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

Cash sum

If you paid Additional Voluntary Contributions (AVCs) a lump sum equal to the value of any AVCs attributed to you at the date of death will be paid.

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

Spouse’s pension

If you die before your Normal Pension Date

Your spouse or registered civil partner will receive a pension for life equal to 1/160th of your Final Reckonable Salary for each complete year of Pensionable Service after 6 April 1978 together with an additional 1/1920th for each additional complete month. 

If you die after your Normal Pension Date

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.

It may also be possible for a pension to be paid to one of your dependants upon your death. However, this is subject to the agreement of the Company and the Trustee.

Child’s pension

A children’s pension will also 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 3.

If there is no spouse's/or registered civil partner’s/dependant's pension or if the spouse’s/registered civil partner’s/dependant’s pension ceases to be payable while there are still pensionable children, the percentage will increase.

The Children’s pensions are payable for 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. dependent on you at date of death and are or become wholly incapacitated before age 18 or before reaching age 23 (while still in education or training approved by the Trustee) and remain wholly incapacitated

Bank of Ireland members only

Cash sum

An amount equal to the total contributions paid by you or credited to you; plus

If you paid Additional Voluntary Contributions (AVCs) a lump sum equal to the value of any AVCs attributed to you at the date of death will be paid. 

The lump sum is payable by the Trustee on discretionary trust. 

The Trustee decides 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 but before the pension comes into payment your spouse or registered civil partner will receive a pension for life equal to 60% of your deferred pension (accrued since 6 April 1978), revalued to the date of your death. 

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 (based on service since 6 April 1978) if you had retired the day before 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.

Benefits after I start receiving my pension

If you die whilst receiving your pension the following benefits will be paid: 

Spouses 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 your spouse/registered civil partner to whom a pension is payable is more than 15 years younger than you the pension will be reduced.
It may also be possible for a pension to be paid to one of your dependants upon your death. However, this is subject to the agreement of the Company and the Trustee. 

Children’s pension

The Plan will also provide pensions for your children. 

The children’s pensions in total will be equal to 15% of the spouse or registered civil partner’s pension multiplied by the number of pensionable children, up to a maximum of three.

These pensions are payable for so long as they are: 

  1. under age 18; or 
  2. under age 23 but in full-time education or vocational training approved by the Trustee; or 
  3. become wholly incapacitated before age 18 or before reaching age 23 (while still in education or training approved by the Trustee) and remain wholly incapacitated.

If there is no spouse/or registered civil partner/dependants pension or if the spouse’s/registered civil partner/dependant’s pension ceases to be payable while there are still pensionable children, the percentage may increase.

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

Note: If you die before Normal Pension Date whilst receiving an early retirement incapacity pension you will also receive a lump sum payment.

Bank of Ireland members

Lump sum (Pension guarantee)

If you die within 5 years of retiring, a lump sum equal to the pension payments which would have been made during the remainder of the 5-year period will also be payable. This is based on the pension in payment immediately before your death assuming no future increases.

This is payable at the discretion of the Plan Trustee.

Spouse’s pension or Dependant’s pension

Your spouse or registered civil partner will receive a pension for life equal to two thirds 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.

Your spouse’s pension may be reduced if he/she is more than 10 years younger than you.

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.

These pensions are payable for 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.

Medas members only

Lump sum (Pension guarantee)

If you die within 5 years of retiring, a lump sum equal to the pension payments which would have been made during the remainder of the 5-year period will also be payable. This is based on the pension in payment immediately before your death assuming no future increases.

This is payable at the discretion of the Plan Trustee.

Spouse’s pension or Dependant’s pension

Your spouse or registered civil partner will receive a pension for life equal to two thirds 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.

Your spouse’s pension may be reduced if he/she is more than 10 years younger than you.

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 child(ren) equal to one third of the 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.

These pensions are payable for so long as they are:

  1. under age 18; or
  2. under age 25 but in full-time education.

My Expression of Wish

An ‘Expression of Wish’ lets 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.