Benefits for my family

The Fund provides some financial protection to those who depend on you, giving you the peace of mind that if you die, you’re not leaving them with nothing to live on.

The Fund may pay benefits in the form of a pension, or a cash sum, or both. What is paid will depend on who it is being paid to, and whether you are already receiving your pension from the Fund.

What if I die before I start receiving my pension?

If you die before taking your benefits, a dependant’s pension may be payable to an eligible spouse, civil partner or other dependant. You will need to refer to your leaving service statement/annual deferred benefit statement or contact the Administrator for further information on the benefits payable upon death before retirement.

If you do not leave an eligible dependant, a lump sum based on the amount of your contributions paid to the Fund will usually be payable. The current value of any additional voluntary contributions invested in one or more individual retirement funds with Fidelity (or another AVC provider) will also be payable.

If you’re still working for Nationwide when you die, your loved ones may also be entitled to receive any life assurance benefit entitlement under your contract of employment. This benefit is provided outside of the Fund.

What if I die after I start receiving my pension?

If you die after taking your benefits, a dependant’s pension may be payable to an eligible spouse, civil partner or other dependant. You will need to refer to your leaving service statement/annual deferred benefit statement or contact the Administrator for further information on the benefits payable upon death in retirement.

In addition, if you’ve been receiving your pension for less than five years, then a lump sum will also be payable. This will be equal to your first five years pension payments, less what you’ve already received.

Are there any special conditions for payment of dependant’s pensions?

If your eligible dependant is more than ten years younger than you, the dependant’s pension may be reduced (except where the pension is payable to an eligible child). The amount of the reduction would usually be 2.5% of the pension for each complete year of age difference over ten, subject to a maximum deduction of 25%.

Dependant’s pensions are normally payable for life, however, any pension paid to an eligible child will normally stop when they reach age 18 or, if they continue in full-time education, to a maximum age of 23.

Dependants’ pensions will increase annually on the same basis as the terms that applied to your pension.

Who can receive benefits from the Fund?

So the Trustee knows who you would like to receive any death benefits payable in the event of your death, you should complete an Expression of Wish form. You can do this through the secure Member Portal or see our video below on how to do this. The Trustee will consider your wishes but is not, however, for tax reasons, bound by your request.

You can find more detailed information about the amount of your death benefits in your leaving service statement, annual benefits statement (available on the Member Portal) or by contacting the Administrator.

What about my AVCs?

Whilst an Active Member, you had three AVC options. You could choose to make Additional Contributions through:

Pension Credits;
Investment Funds;
Nationwide Group Personal Pension.

If you chose one of the other options, benefits may be payable to your loved ones following your death. Please refer to the Statements you receive relating to your AVCs for more information.

Update your expression of wish

Don’t forget to keep the Trustee informed of who you would like to receive any benefits from the Fund. The easiest way to do this is to regularly update your expression of wish detail on the Member Portal. It is quick and easy to use, if you have not registered simply click on the link below and follow the instructions.

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