Will there be any benefits paid if I die before retirement?
Yes, there will be a lump sum payment. A pension may also be paid to your dependants.
How much will the lump sum be?
If you are in career average and die in service, a death grant of three times your final full-time equivalent salary (at the date of your death) will be paid. If you’re in the final salary arrangement when you die then the death grant would be three times your final average salary.
Will a lump sum be paid if I die and I am out of service but haven’t retired?
Yes, a lump sum will be paid. If you die after leaving pensionable employment and have two or more years of pensionable service your death grant will depend on which pension arrangements you are in when you left service.
If you’re in the final salary arrangement it will be either:
Your retirement lump sum at your date of death or
- Your pension contributions plus interest of 3%, if there is no adult pension payable
- If you’re in the career average arrangement it will be:
- Your accrued pension multiplied by 2.25 or your pension contributions plus interest of 3%, if there is no adult pension payable.
However, if you have less than two years pensionable employment, your beneficiaries will receive your pension contributions plus interest at 3%.
Will a lump sum be paid if I die after I have retired?
Yes, if you die within five years of retirement a lump sum will be paid. This will be five times your annual pension less any pension that’s been paid.
Who will receive the death grant?
Your spouse, civil partner or nominated partner will automatically receive the death grant unless you’ve nominated someone else to receive it. If you have nominated a person or persons they will receive the death grant. If you have no spouse, nominate partner or nominee, any payment will be issued to your estate.
Please note you’re not able to nominate a Trust or Charity to receive the death grant.
How do I nominate someone?
You can complete a nomination via our website or you can ask your employer for a form. If you choose to nominate somebody to receive your death grant it's important to keep it up to date. You can nominate more than one person, but if you want to do that you must tell Teachers’ Pensions what proportion of the death grant you want each person to receive.
Who can receive a survivors’ pension?
- Your spouse
- Your registered civil partner
- Your partner provided you nominated them and they are still interdependent when you die
- Your children, if they are under 23 and in education
- If your child is incapacitated and was financially dependent on you.
How much will the pension be?
If you’re in the final salary arrangement the long-term pension for an adult survivor is 1/160 of the final average salary for each year of your survivor benefits service.
If you’re in the career average arrangements the long term pension is the value of 37.5% of the pension you’ve earned up to your date of death. If you have benefits in both arrangements two calculations will made, one for each type of benefit and these will be paid together.
If you die in service your long term pension will be enhanced, but only on the pension arrangement you’re in when you die. If you have no more than two children then they will receive half of any adult’s pension. If you have more than two children, the adult’s pension is divided by the number of children.