There are a number of benefits available when a member of the Group Money Purchase Scheme dies.
If You Die Whilst Employed By HBOS
Your individual retirement account, including contributions made by HBOS, will be paid to your dependants or personal representatives. In addition, all colleagues receive free Life Assurance cover from HBOS, and upon your death a payment equal to 4 times your basic salary will also be made.
These lump sum payments are not usually made to your estate. The trustees will decide who receives the money, but they will be guided by your wishes as expressed by you on your Nomination Form.
If You Die After Retiring
If you bought a retirement pension that is payable to yourself, then this will cease when you die. However, if you also bought a pension for your spouse, partner or other dependant, then they will start to receive this after your death.
