XPS Administration - IBM Pension Trust

Death in Retirement

Updated on 26 May 2021

The benefits paid to your beneficiaries after your death depend on the plan you were a member of. If you bought a pension with an annuity provider, the information on this page does not apply to you. Contact your pension provider directly for details.

C Plan members

The following may be payable:

  • A pension for your spouse or civil partner (normally 50%) or for a dependant (up to 50%).  The calculation is based on your pension before any cash was taken.
  • A child's pension
  • Life assurance payment, which is a tax-free amount of 25% of your annual pension at the time you die, subject to a maximum of £1,000

  • If you die within 5 years of retiring, an amount equal to the balance of your pension payments up to the 5 year anniversary

N Plan members

The following may be payable:

  • A pension for your spouse or civil partner (normally 50%) or for a dependant (up to 50%).  The calculation is based on your pension before any cash was taken.
  • A child's pension
  • Life assurance payment, which is a tax-free amount, the higher of 25% of your annual pension at the time you die or of an amount depending on your length of pensionable service, subject to a maximum of £700

  • If you die within 5 years of retiring, and have a surviving spouse or partner, an amount equal to the balance of your pension payments up to the 5 year anniversary, reducing to 50% after that date

  • If you die within 5 years of retiring, and have no dependants, an amount equal to the balance of your pension payments up to the 5 year anniversary

I Plan members

The following may be payable:

  • A pension for your spouse or civil partner (normally 50%) or for a dependant (up to 50%).  The calculation is based on your pension before any cash was taken.

  • A child's pension
  • If you die within 5 years of retiring, an amount equal to the balance of your pension payments up to the 5 year anniversary

DSL Plan members

The following may be payable:

  • A pension for your spouse or civil partner (normally 50%) or for a dependant (up to 50%). The calculation is based on your pension before any cash was taken.

  • A child's pension
  • If you die within 5 years of retiring, an amount equal to the balance of your pension payments up to the 5 year anniversary

Updated on 26 May 2021