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The Superannuation Arrangements of the University of London |
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Deferred Members ► Death benefits in deferment SAUL membership provides your family and loved ones with valuable benefits for in the event of your death. You have the peace of mind that, should the worst happen after you leave SAUL and before your retirement, pension and lump sum benefits are payable. |
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Lump sum benefits payable upon death in deferment The lump sum payable upon death in deferment is the greater of:
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 SAUL Trustee Company. Pension benefits payable upon death in deferment SAUL will pay a spouse’s or civil partner’s pension of 2/3rds of the member’s pension at the date of leaving SAUL increased to the date of death. If there is no spouse or civil partner the Trustee may pay this pension to one or more adult dependants. The pension payable may be reduced if your spouse, civil partner or other adult dependant is more than 15 years younger than you. 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 to be financially self-supporting due to a disability. Pensions payable upon the death of a member increase in the same way as retirement pensions. Please see “How does my pension increase after retirement?” |
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