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The Superannuation Arrangements of the University of London |
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Active Members ► Death in service benefits SAUL membership provides your family and loved ones with valuable benefits in the event of your death. You have the peace of mind that, should the worst happen while you were are still in employment and contributing to SAUL, pension and lump sum benefits are payable. |
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Lump sum benefits payable upon death in service
The Trustee uses its discretion to decide who should receive lump sum death benefits which means they are free from inheritance tax. Under SAUL’s Rules, the Trustee can pay the lump sum for the benefit of some or all of your relatives, dependants, personal representatives or nominated beneficiaries. The Letter of Intent is a confidential letter to the Trustee stating your wishes in the event of death. It is very important that you complete a Letter of Intent and keep it up to date - particularly if you are not married to your partner or if your family circumstances change. Please forward your completed form to your employer’s Pensions Officer. Pension benefits payable upon death in service SAUL will pay a spouse’s or civil partner’s pension of 2/3rds of your basic retirement pension. If there is no spouse or civil partner the Trustee may pay this pension to one or more adult dependants. The pension payable will be reduced if your spouse, civil partner or adult dependant is more than 15 years younger than you. If you die in service the spouse’s pension is 2/3rds of the member’s pension based upon all the Pensionable Service built up in SAUL to the date of death plus the Pensionable Service that would have been built up to Normal Pension Date (to a maximum of 40 years). If monthly Additional Voluntary Contributions have been paid for at least two years, the member’s pension upon death in service includes the benefits that would have been bought by the AVCs had all the payments been made. If you have already built up 40 years’ Pensionable Service, or are over Normal Pension Date, the spouse’s pension will be based on actual Pensionable Service. SAUL also pays allowances to eligible children while under age 18, between 18 and 23 and in full-time education or training and over 18 and unable, at the date of death, to be financially self-supporting due to a permanent disability. Pensions payable upon the death of a member pension increase in the same way as retirement pensions. Please see “How does my pension increase after retirement?” |
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