Pension death benefits: the process

An overview of how a pension scheme may approach the decision-making process to pay death benefits in the event of a member’s death. 

April 2020

Barry Foster

Vice President, Strategic & Technical Sales

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The information, opinions, estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time.

Key takeaways:

  • An understanding of the death benefits process
  • A look at the pension death benefit decision-making process
  • Understand the various options that may apply to different schemes

An overview of how a pension scheme may approach the decision-making process to pay death benefits in the event of a member’s death.

In the event of death of a pension fund member, it is not always a straightforward decision as to who the rightful beneficiaries are for the death benefits. While we cannot provide a detailed and exhaustive analysis of the various pension death benefit options, we can give a broad overview of the process that pension schemes would likely follow in the event of a member’s death.

In order to help clients with death benefit planning and support the relatives and dependants at a challenging time, it is important to understand the process that their pension scheme will adopt in various circumstances.

We outline a number of scenarios that may be applicable in the event of a client’s death and provide a summary of the pension benefit implications for the beneficiaries.

Download a more detailed overview and more information on the implications for beneficiaries.

Risk Disclaimer

This content is based on our understanding of legal and tax regulations and practice at the time of writing (April 2020). It has been produced for information only. We do not provide tax, accounting, regulatory or legal advice. No action must be taken or refrained from being taken based on this content alone.

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