As well as a pension, Pace Complete provides benefits so that if you die before you take your pension, or long after retirement, your family will be protected.
The Pace Trustees have discretion as to who should receive any death benefits. Don’t forget to complete a nomination form and return it to the Pensions Department to let the Pace Trustees know who you would like to receive any death benefits. Although the Trustees are not bound by this form they will take it into account when considering who to pay any benefits to.
If you are receiving your pension
If you die after you have started to take your pension, the following benefits are payable:
- Half of your pension based on your pension before you took any tax-free lump sum, payable to your partner for life.
- Children’s benefits one third of the value of the partner’s pension (split between your children, if there is more than one). Note: children must be under 16 (or under 23 and still in full-time education).
- A lump sum - if you die within five years of retiring, your beneficiary may also receive a lump sum equal to the balance of your first five years’ pension payments, subject to Trustee discretion.
If you do not have a partner, the Pace Trustees may pay a pension to any dependant(s), which may include your children.
Please note: your partner’s pension may be reduced if he or she is 10 or more years younger than you.
If you are not receiving your pension
If you die before you start to receive your pension, half of the pension you've built up in Pace Complete is payable to your partner. This will include any inflationary increases that have been added to your pension since your date of leaving Pace Complete, but it will be reduced if your partner is 10 or more years younger than you.
In these circumstances, children’s pensions are not payable, and if you do not have a partner, the Pace Trustees may pay a pension to any dependant(s). If you have no dependant(s), the Trustees will pay a refund of contributions plus interest to a beneficiary.
The value of your Pace DC account and your AVCs, if any, would also be paid as a lump sum.
Lump sum benefits
If you were a member of Pace Complete on 28 October 2015, joined Pace DC from 29 October 2015 and remain a contributing member of Pace DC, an additional lump sum of 3 x Salary will be payable as well as any lump sum from Pace DC.
For details of the DC benefits payable on death go to www.legalandgeneral.com/coop