Your family might be eligible to be paid benefits when you die.
These benefits are different depending on whether you’re an active member or a deferred member.
The Trustee decides how some of these benefits are paid. They will consider your preference and your circumstances when they make their decision.
Tell the Trustee your preference by completing an expression of wish form.
Log in to complete an expression of wish form
Deferred members
If you die before you retire, a pension might be payable to:
- your spouse or civil partner
- a dependant, if you do not have a spouse or civil partner
- your children
1. A pension for your spouse or civil partner
If your spouse or civil partner was living with you when you died, they can receive a monthly pension for the rest of their life.
To calculate this pension, we:
Your spouse or civil partner’s pension will be reduced if they are more than 10 years younger than you. The reduction is 2% for each full year over 10 years. That means a reduction of 2% if they’re 11 years younger than you, 4% if they’re 12 years younger, and so on.
Read about how this pension increases each year
2. A pension for a dependant, if you do not have a spouse or civil partner
If you do not have a spouse or civil partner, the Trustee can choose to pay a pension to someone who was financially dependent on you on the day you died.
The amount they’ll get is the same as a pension for a spouse or civil partner.
Unlike a spouse or civil partner, this dependant does not need to have been living with you to receive a pension, and their pension will not be reduced if they’re younger than you.
Read about how this pension increases each year
3. A pension for your children
Up to 3 of your children can get a pension until they’re age 18, or until age 23 if they stay in full-time education.
If they have a disability, they could receive a pension beyond this age.
Tell us if you have a child with a disability
If a pension is being paid to a spouse, civil partner, or dependant
Each child gets a pension worth one third of that pension.
If you do not have a surviving spouse, civil partner, or a dependant
Each child gets a pension worth two thirds of the pension that would have been paid to a spouse, civil partner, or a dependant.
A spouse or civil partner pension is reduced if they are more than 10 years younger than you. When calculating a child’s pension, this reduction does not apply.
Active members
If you die while building up pension in the Scheme, the following benefits might be payable:
- a pension for a spouse or civil partner
- a pension for a dependant, if you do not have a spouse or civil partner
- a pension for your children
- a cash lump sum
1. A pension for your spouse or civil partner
If your spouse or civil partner was living with you when you died, they can receive a monthly pension for the rest of their life.
This pension is equal to 50% of the pension you would have received if you had kept working for the Bank until age 65. It will be calculated based on your pensionable salary at the time you died.
This pension will be reduced if they are more than 10 years younger than you. The reduction is 2% for each full year over 10 years. That means a reduction of 2% if they’re 11 years younger than you, 4% if they’re 12 years younger, and so on.
Read about how this pension increases
2. A pension for a dependant, if you do not have a spouse or civil partner
If you do not have a spouse or civil partner, the Trustee can choose to pay a pension to someone who was financially dependent on you on the day you died.
The amount they’ll get is the same as a pension for a spouse or civil partner.
Unlike a spouse or civil partner, this dependant does not need to have been living with you to receive a pension, and their pension will not be reduced if they’re younger than you.
Read about how this pension increases
3. A pension for your children
Up to 3 of your children can get a pension until they’re age 18, or until age 23 if they stay in full-time education.
If they have a disability, they could receive a pension beyond this age.
Tell us if you have a child with a disability
If a pension is being paid to a spouse, civil partner, or dependant
Each child gets a pension worth one third of that pension.
If you do not have a surviving spouse, civil partner, or dependant
Each child gets a pension worth two thirds of the pension that would have been paid to a spouse, civil partner, or a dependant.
A spouse or civil partner pension is reduced if they are more than 10 years younger than you. When calculating a child’s pension, this reduction does not apply.
Read about how this pension increases
4. A cash lump sum for a beneficiary
This lump sum is normally tax-free. It’s equal to 4 times your pensionable salary at the time you died.
The Trustee of the Scheme decide who this lump sum is paid to. They will consider your preferences and your circumstances when they make their decision.
Tell the Trustee your preference by completing an expression of wish form.
Log in to complete an expression of wish form