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 Deferment benefits

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

Benefits after I start receiving my pension

Bank of Ireland members only

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.