01 July 2019
The details of your Plan benefits (and those payable on your death) can be found in the ‘Plan information’ section of the Plan website. Simply select ‘Plan information’ from the main menu and then ‘Death benefits’.
Whilst the recipients of most benefits under the Plan are prescribed it is possible for you, in certain circumstances, to nominate who you would like to receive certain benefits in the event of your death. The Trustee is not obliged to follow your nomination, but it does give the Trustee a better idea of your wishes, which it will of course take into account in exercising its decisions.
It is therefore important that you complete an Expression of Wish Nomination Form as this is your way of telling us who you would like to receive any benefits from the Plan if you die. There are two types of nomination you can make (for which there are separate Expression of Wish Forms). The two types are as follows:
You may nominate any person or persons to receive any lump sum payment payable from the Plan. The lump sum is payable under discretionary trust and so the Trustee is not obliged to follow your nomination, however it will take your wishes into account in exercising its discretion. One point to note here is that if you haven’t completed an Expression of Wish Form, the Trustee can only pay the lump sum to certain persons listed under the Rules of the Plan. These, very broadly, are: certain relatives, financial dependants, and persons nominated in your Will. If you wish the benefits to go elsewhere, then this will not be possible unless you specifically nominate them. We therefore strongly suggest you complete this Form so that the Trustee can take account of your particular wishes when distributing the lump sum.
You can download a lump sum Expression of Wish Form from the ‘Forms’ section, within the ‘Document library’ on our website.
Expression of Wish for Dependant’s Pension Form
A pension will automatically become payable to your spouse, or registered civil partner, following your death.
You can nominate someone other than your spouse, or registered civil partner, to receive a pension from the Plan, if they are financially dependant on you. For the avoidance of doubt (unless you are a former Bank of Ireland member)*, you can make this nomination whether or not you currently have a spouse or registered civil partner. Again, this is completely discretionary and is subject to various conditions and consents, but your wishes will be taken into account.
In the event of your death, the Trustee will request evidence that the nominated person was financially dependant on you at your date of death. If the Trustee then decides to pay a benefit to the dependant, the pension that would otherwise have been payable to the spouse or registered civil partner will be reduced accordingly (subject to certain minimums set out in the rules of the Plan).
Please note that, for former EDS Plan members, there are circumstances in which a Dependant’s pension can be stopped once in payment. The Plan Administrator can provide more details.
To do this you need to complete an Expression of Wish for Dependant’s Pension Form which you can download from the ‘Forms’ section within the ‘Document library’ on the Plan website.
Former members of the Medas Scheme
If you were a member of the Medas Scheme, please contact the Plan Administrator for details of any spouse’s or dependant’s pension entitlement in respect of your Plan membership.
Child’s pension
If you have children, an additional pension may, depending on your circumstances, become payable to them until they reach age 18 (or age 23# if they remain in full-time education). If a child’s pension is payable, it will be automatic. There is no discretion.
Additional dependants pension*
You may surrender part of your own pension, to provide a pension for a nominated dependant on your death. Again, this is completely discretionary and subject to various conditions and consents. Any election must be made prior to the commencement of your own pension. Details of this option can be obtained from the Plan Administrator.
Whether you complete either of the Expression of Wish Forms, these are only a guide to help the Trustee determine who should receive these benefits.
These benefits are based on the current Trust Deed and Rules of the Plan and may be slightly different depending on the date you left/leave pensionable service in the Plan. If you have any questions about your specific circumstances please contact the Plan Administrator.
# Age 21 for former Bank of Ireland members.
* This option is not available to former Bank of Ireland members.