Lump sum death grant
I left before 1 April 2008
If you left the Cornwall Pension Fund before 1 April 2008, but were to die before drawing your benefits, a death grant equal to the current value of your preserved lump sum would be payable. The death grant will include increases accrued whilst your benefits were preserved within the fund.
I left after 1 April 2008
If you left the Cornwall Pension Fund after 1 April 2008 a death grant of 5 times your preserved annual pension will be payable. The death grant will include increases accrued whilst your benefits were preserved within the fund.
I paid additional regular contributions (ARCs) or additional pension contributions (APCs) to increase my own benefits
On death in deferment, a lump sum of five times your additional pension is payable.
I paid additional voluntary contributions (AVCs)
If you paid AVCs, these would be paid in conjunction with the lump sum death grant.
Expression of wish
Although it is very important to ensure your expression of wish form is up to date, the Cornwall Pension Fund has the ultimate discretion over who a lump sum is made payable to, therefore the lump sum will not form part of your estate for inheritance tax purposes.
Our Jargon Buster may help with pensions terminology.
I left before 1 April 2008
If you left the Cornwall Pension Fund before 1 April 2008, but were to die before drawing your benefits, a death grant equal to the current value of your preserved lump sum would be payable. The death grant will include increases accrued whilst your benefits were preserved within the fund.
If you left the Cornwall Pension Fund after 1 April 2008 a death grant of 5 times your preserved annual pension will be payable. The death grant will include increases accrued whilst your benefits were preserved within the fund.
On death in deferment, a lump sum of five times your additional pension is payable.
If you paid AVCs, these would be paid in conjunction with the lump sum death grant.
Although it is very important to ensure your expression of wish form is up to date, the Cornwall Pension Fund has the ultimate discretion over who a lump sum is made payable to, therefore the lump sum will not form part of your estate for inheritance tax purposes.
Our Jargon Buster may help with pensions terminology.
