Taking care of your loved ones
There are a great many ways that the Morgan Sindall Plan can help with taking care of your loved ones. These come hand in hand with paying into your retirement savings.
Take some time to read over the added benefits that are included when you’re a member of the Plan. These can vary depending on your personal circumstances, but can include:
- Account lump sum: If you die before you retire, the value of your retirement savings pot that you’ve built up in the Plan will be paid to your beneficiaries as a lump sum. Currently, this is tax free. To make sure this goes to the right people you’ll need to complete an Expression of Wish form which you can find on the secure part of the website. Please log in here.
- Life assurance benefit: If you die while still working for your Employer an additional lump sum will be paid to your beneficiaries. You can find details of this in your Employment Letter.
- Dependant’s death in service: As well as what’s listed above, some employees are also eligible for dependant’s death in service pension. So if you’re eligible and you die whilst still working for your employer and contributing to the Plan, your dependant – or dependants – will receive an additional pension. This benefit is covered by an insurance policy. You can find eligibility details in your Employment Letter.
- Death after leaving service: If you die after you’ve left work and you’re no longer paying contributions, then your retirement savings pot will be paid to your beneficiaries as a lump sum. This is currently tax free.
- Death after retirement: The benefits payable when you die in retirement will depend on how you decide to take your retirement savings when you retire. You can find out more about this on the 'Making choices about the next step' page.
The Trustee has the final decision on who your benefits are paid to if anything happens to you. Your Expression of Wish form lets you nominate who you’d like to receive those benefits, and the Trustee will take your wishes into account when making a decision. That’s why it’s a good idea to keep this up to date – especially if your circumstances change.
You can download the form by logging in here, or get one from your local HR contact.