If you die while working
Death in service
DC Core
As a member of the Fund there are valuable benefits for your loved ones if you die:
- A lump sum of 6 x your pensionable earnings in the past 12 months; plus
- the value of your DC account as a tax-free lump sum.
If you are a member of DB Core or DB CorePlus and you are contributing to DC Core at the time you die because you earn above the pensionable earnings cap, you are still considered a DB member for the purposes of the death-in-service lump sum.
If you are a DC Core member but you have also built up pension in DB Core or DB CorePlus, your spouse, civil partner or other financial dependant will receive half of the pension you would have received at your normal pension age, based on your career average revalued pensionable earnings. If you built up savings in DC Core because you earned more than the pensionable earnings cap, the part of your DC account that was built up from the contributions that you and Nestlé made on your pensionable earnings above the cap would be used to fund the defined benefit pension.
The death-in-service lump sum benefits that are multiples of earnings or pay are paid from the Nestlé UK Group Life Scheme, which is separate to the Fund. All other benefits are paid from the Fund.
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 either before or after 1 August 2017, your spouse, dependant and/or eligible children would also receive pensions relating to the DB pension you have built up.
If you are not a member of the Fund and you die while you are working for Nestlé, your beneficiaries will receive a lump sum of 2 x your pensionable earnings in the past 12 months.
Remember to complete a Nomination Form
The Trustees will have discretion to decide who to make lump sum payments to. To help the Trustees make a decision as to who should receive any lump sum, you should keep your Nomination Form up to date.