What benefits might be payable?
Death might not be something you like to think about, but it is important you understand what will happen to your retirement balance when you die, and what you can do to make sure your money goes to the right place.
There are two main elements to your death benefits, and these are outlined below.
If you used your retirement balance to buy a spouse’s pension, then your widow, widower or surviving civil partner will receive a pension for life, from the date of your death.
This will be worth 50% of the pension you were receiving the day before your death. It will be paid monthly and may be subject to income tax.
If you have no surviving spouse or adult dependant, then this pension may be able to go to a child instead.
Please contact the RBP administrator, Broadstone, if you require any further information.
If you used your retirement balance to buy a pension from an insurance company, they will be responsible for the payment of any benefits, and you will need to direct any questions to them.
If your pension is secured with the RBP, then the Trustees will pay a cash sum equal to the balance of the first five years’ of your pension payments.
It is important that you let the Trustees know who you would like this lump sum to be paid to by completing an Expression of Wish form.
Remember, a will does not cover your pension savings, so the only way to leave direct instructions for what you want to happen to your retirement balance is to make an Expression of Wish.
You can learn more about this on the Expression of Wish page.
How to report a member's death
When you die, it may be up to your family or friends to report your death to the RBP administrator, Broadstone. They need to do this as soon as possible, so we can stop your pension payments quickly and prevent any overpayments. Otherwise, your beneficiaries may be asked to pay them back at a later date.
Please make sure that those close to you know they will need to complete the form below. This must be returned to the RBP administrator, Broadstone, using the details on the contacts page.
The person dealing with your estate will need to include any necessary documents, such as a death certificate. Originals will be returned to them by recorded delivery.
Within five working days of this information being processed, Broadstone will contact your next of kin, anyone we know may be financially dependent upon you and/or any potential beneficiaries listed in your Expression of Wish, to explain what they may be entitled to and what they need to do next.
The government's Tell Us Once service will not work for your ESPS pension, because we are not a government department. That means your next of kin, or your representatives, must contact Broadstone directly, even if they are using the Tell Us Once service for other organisations.
