Death benefits

Before you retire

If you die before you retire and are still contributing to the Plan, the table below summarises the benefits that would be paid to your dependants:

Benefit Who's entitled? Value
One off cash sum Widow, widower, civil partner or same-sex spouse
  • Four times the Pensionable Pay you were earning on the last 1 January before you died.
  • If you participate in AkzoNobel's flexible benefits programme you can change this to between two times and 10 times the Pensionable Pay on the last 1 January before you died.
Pension-paid for the rest of your life Widow, widower, civil partner or same-sex spouse 35% of Final Pensionable Pay
Pension Children
  • depends how many dependent children you have; and
  • whether or not pension is also going to be paid a widow/widower, same-sex spouse or registered civil partner

Note: if after paying the benefits above there’s still some money left in your retirement account, this will be added to the benefits we pay to your dependants.

Is it possible my dependants get less than this?

Yes. The one off cash sum is paid for from a policy we’ve bought from an insurance company.

The pension for your dependants (as described above) is paid for with what’s left from the insurance policy and any money left in your retirement account:

  • If the money from the insurance policy and your retirement account isn’t enough to cover the pension amounts shown in the table above, we also pay money from the Trustee’s Reserve Account.
  • If there then isn’t enough money in the Reserve Account, the pension your dependents receive will be lower.

The administration team would confirm the details to your beneficiaries early on in the process.

After you have retired

When you retire, you can choose the benefits you want your dependants to receive when you die.

If you die after leaving the Plan

If you die after leaving the Plan but before you start to receive your benefits, the Trustee will use the value of your retirement account to provide benefits for your dependants in one or both of the following ways:

  • Pay a cash lump sum equal to the current value of your retirement account to one or more of your dependants.
  • Buy a pension for one or more of your dependants.

Your Expression of Wish form

Please make sure that you fill in an Expression of Wish Form, so that the Trustee knows who you would like to receive death benefits.

Fill it in online at  http://mychoice.towerswatson.com or contact the administration team on 01707 607597.

Make sure you update your details if your personal circumstances change (for example, if you get married or divorced).