This section outlines the main benefits that will be available to your dependants and other people you have nominated when you die.
It outlines the pensions and lump sum payments that can be made, and what you need to do.
This guide uses as little jargon as possible but where it has to use specific technical terms, they have been explained in plain English.
This section provides a guide to some pension information you, or your family could need. It does not cover every aspect of alpha; full details are set out in the regulations, which are the legal basis of the scheme.
Nothing in this guide can override the alpha regulations. Every effort has been made to make this guide as accurate as possible, but in the event of any difference, the regulations will apply. This guide is based on the regulations current at the time of publication and there is no guarantee that any part of the regulations will not change in the future. You should be aware that tax rates and limits are subject to change.
You should not take anything in this section as financial advice. You might want to consider contacting an Independent Financial Adviser (IFA) to discuss your retirement planning. You can find tips on finding an IFA by visiting the Financial Conduct Authority website: www.fca.org.uk
This section explains:
06A. Your nominees and family’s benefits when you die - An outline of the benefits available to your family and nominees after you die, how to make a nomination, and who can receive a pension.
06B. Death while you are in service - How the benefits are worked out if you die while still in service.
06C. Death with a preserved pension - How the benefits are worked out if you die after leaving with a preserved pension.
06D. Death after taking your pension - How the benefits are worked out if you die after claiming your pension.
Section 06A
If you die while you are still an active member of alpha, or when you have a preserved pension, or after you claim your alpha pension, the scheme provides benefits that are paid to your eligible dependants.
Section 06B
If you die while you are still an active member of alpha, two benefits can be paid; a lump sum paid to the people you have nominated and pensions for your eligible dependants.
Section 06C
There are two benefits that may be available if you have a preserved award: A lump sum, usually paid to your nominee(s) and pensions for your eligible dependants.
Section 06D
There are two benefits that may be available when you die after taking your pension, a lump sum, usually paid to your nominee(s), and pensions for your eligible dependants.