We know that providing for your loved ones in the event of your death is important. Whether you die before or after you retire and start taking your Tesco Pension, death benefits could be payable from the Scheme. You might also be eligible for other death benefits from other pensions you hold, like the Tesco Retirement Savings Plan.
Cash lump sum
A tax-free cash lump sum, of five times the pension you've built up in the Scheme, could be payable if you die before you retire. If you die after you retire, but within five years of your Tesco Pension starting, the lump sum will be the sum of the remaining instalments of pension for the five year period.
The Trustees make the final decision as to who receives payment but they do take your wishes into account. It is therefore important to have an Expression of Wish and keep it up to date.
If your situation changes and you'd like to change the names on the form, even after you retire, complete the Expression of Wish form.
Spouse or civil partner’s pension
A pension of 60% of your pension may also be payable for your spouse or civil partner for their lifetime.
If you don't have a spouse or civil partner, the Trustee may be able to pay a pension to your partner with whom you are in a marital type relationship, or to any individual who is financially dependent on you.
Child pension
The Scheme may also pay a child pension to eligible children under 16, or up to age 23 while still in full time education, or trustee-approved vocational training.
The pension is 25% of the pension you've built up for one child or a total of 40% for two or more children.
If you don't have a spouse or partner or any other dependant, the children's pension will be doubled.