Death benefits

The Scheme provides a range of benefits for your loved ones when you die.

The benefits provided will depend on:

If you die while you're still employed by VBG Known as death in service.

Your dependant(s) would receive:

• A return of your contributions to the Final Salary section of the Scheme.
• A 50% spouse/registered civil partner's pension based upon the Final Salary pension built up between 1 January 2000 and your date of joining the Cash Balance section. The pension would be based on your Final Pensionable Earnings at the date of your death or 31 December 2012, whichever is earlier. Your Final Salary pension would be revalued in line with statutory requirements from your date of leaving the Final Salary section and your death. In addition, there would be a statutory minimum pension payable under the contracting-out requirements in respect of Pensionable Service before 1 January 2000.
• The value of your Cash Balance Retirement Account.
• A lump sum of five times your basic salary if you die in service before your State Pension date.

If you die in retirement

Your pension will be guaranteed for a minimum of five years so, if you die within five years of retirement, the balance of the first five years' pension payments will be payable as a lump sum to your dependant(s). In addition to the lump sum, a spouse/registered civil partner's pension will be payable from the Final Salary section. The pension will be:

• Half of your pension based upon the Final Salary pension built up between 1 January 2000 and your date of moving to the Cash Balance section.
• Two-thirds of your pension based upon the Final Salary pension built up before 1 January 2000.

Please get in touch with the Pensions Team if you need further information.