Death after leaving
If you die after leaving Nestlé or opting out of the Fund, but before you start to take your deferred pension, the Fund will provide benefits for your dependants. To help the Trustees make a decision as to who should receive any lump sum, you should keep your Nomination Form up to date.
If you have a DC Start or DC Core account (including DC Core AVCs), your nominated dependants and/or beneficiaries will receive:
- The value of the investment units bought with your contributions to DC Start or DC Core (main pension); and/or
- The value of any DC Core additional voluntary contributions savings.
If you built up pension in DB Core and/or DB CorePlus, the Fund will provide a pension for your spouse, civil partner or other financial dependant, normally equal to half of your deferred pension, including the increases between the date you leave and your death.
The Fund will also provide a pension for any of your dependent children up to age 18, or 23 if in full-time education. This pension is paid to eligible children of any age who, in the opinion of the Trustee at the time of your death, are unable to support themselves financially due to a physical or mental disability. The Trustee has the discretion to pay pensions to any other eligible children. The children’s pensions will be increased in the same way as other Fund pensions (see Pension increases in retirement for more information).
If you have built up benefits in more than one section of the Fund, the benefits that are paid will be made up of a combination of the benefits built up in each section. If you also built up some DB pension in the Fund before 1 August 2017, your spouse, dependant and/or eligible children would also receive pensions relating to the DB pension you have built up.