|
The Superannuation Arrangements of the University of London |
|||||
|
Pensioner Members ► Death benefits in retirement 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, pension and lump sum benefits are payable. |
||||
|
Quick Links |
Pension benefits payable upon death in retirement Lump sum benefits payable upon death in retirement What is the process when a pensioner dies?
Pension benefits payable upon death in retirement SAUL will pay a spouse’s or civil partner’s pension of 2/3rds of the member’s basic pension at the date of retirement increased to the date of death. This means that even if the member chose to reduce or increase the basic pension at retirement to adjust the value of the tax free lump sum, SAUL will pay a pension to a spouse or civil partner of 2/3rds of the pension had this choice not been made. Occasionally a member may have decided at retirement to increase the spouse’s pension in which case the higher amount (plus increases) will be available. 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 a spouse, civil partner or other adult dependants is more than 15 years younger than the member. 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. The level of children’s allowances depends on whether a spouse’s, civil partner’s or other adult dependent’s pension is payable and how many eligible children there are. Please see the SAUL Retirement Booklet for more information. 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?”
Lump sum benefits payable upon death in retirement If a member dies within 5 years of retirement a tax free lump sum is payable. This is equal to the remaining pension that would have been paid if the member had survived for the full five years. This is based on the rate of pension at the date of death with no allowance for future increases. The lump sum is only authorised if the member would have been under age 75 when it is paid. The lump sum counts towards the lifetime allowance.
What is the process when a SAUL pensioner dies? When a SAUL pensioner dies the next of kin, another relative or the person dealing with the pensioner’s Estate should contact SAUL Trustee Company in the first instance. SAUL Trustee Company staff will be able to help you through the process of dealing with the member’s death and the payment of any benefits. We understand that at a difficult time we need to be responsive and caring so we give all correspondence and questions the highest priority. If the pensioner was a member of SAUL, benefits to dependants may be payable. Upon receiving notification of a member’s death we will send details of available benefits and a form to claim them. We will require the death certificate of the member, the marriage or civil partnership certificate if applicable and the birth certificate of anyone who is entitled to death in retirement benefits. We need to see the original documents and these we be returned by recorded delivery. If the pensioner was receiving a dependant’s pension from SAUL there are no further benefits available. We will require the original death certificate which will be returned by recorded delivery. The bank account (to which pension payments are being paid) should be kept open until the 25th of the month in which the member died so all payments can be paid. If any pension payments have been made which relate to the period after the member died, these will need to be reclaimed by SAUL Trustee Company. |
|||
|
|||||
| Site mapDisclaimerLinks Your Feedback Problems Recruitment | |||||
