Allen & Overy Pension Scheme
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What benefits are payable in the event of my death?
 

The Scheme not only offers valuable benefits to you in retirement, but it can also provide for your dependants if you die before or after claiming your benefit.

  • Whilst you are an active member you are covered for a death in service lump sum subject to the terms of your contract of employment.
  • If you use your Retirement Account to purchase an annuity on retirement, you can choose to include benefits for your dependants in the event of your death, but this will reduce the amount of your own retirement pension.

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What happens if I die in service?
If you die in service, your Beneficiaries* will receive:
  • a cash lump sum equal to 5 times your Salary at the date of your death, subject to a maximum benefit of £1,000,000
*You may nominate your beneficiaries by adding their details to the Nominations page here. This will tell the Trustee to whom you wish any death benefit to be paid. The Trustee will take account of your wishes in the event of your death but is not legally bound by them, and retains full discretion as to whom any death benefits are paid.

While you remain an active member of the Allen & Overy Pension Scheme (see section ‘When can I retire?’):
  • your Beneficiaries will also receive a cash lump sum equal to the part of your Retirement Account deriving from any contributions you have paid to the Scheme adjusted by any return on those funds
  • your Spouse will receive a pension for life equal to 25% of your Pensionable Salary at the date of your death.**

**If you were a member of the DB Section immediately before 1 January 2007 your Spouse's pension will be the greater of 25% of your Pensionable Salary or the pension payable on death as a deferred member under the DB Section (50% of your Scale Pension).

If your Spouse is more than ten years younger than you the Trustee reserves the right to reduce the amount of pension available.

The lump sum death benefit is subject to the Trustee receiving payment of the benefit from the insurer.

The benefits described above are subject to any difference which may be notified to you by Allen & Overy.
Who decides who will receive any lump sums paid on my death before claiming my benefit?
For tax reasons the Trustee has discretion as to who receives any cash sum benefit on your death. The benefit can be split between different beneficiaries - this will normally be your Spouse or close family or anybody who is financially dependent on you at the date of your death, but may include other bodies or organisations, such as charities.

You will, however, be asked to submit your nominated beneficiary details to the Trustee. This will tell the Trustee to whom you wish any death benefit to be paid. The Trustee will take account of your wishes in the event of your death but is not legally bound by them, and retains full discretion as to whom any death benefits are paid. Your nomination details must be submitted via the facility within the secure section of this website, and can be updated at any time. Once recorded, your nomination details will only be referred to in the event of your death.
What happens if I die after I claim my benefit?
The benefits available to Dependants will depend on the type of annuity you choose when you claim your benefit. For example, you can choose for an annuity to be payable to a Dependant after you die. You might, on the other hand, arrange for an annuity just for yourself. You can also choose an annuity which is payable for a minimum period (usually five years), which means that if you die before receiving five years' worth of payments, the remaining balance up to the five year period will continue to be paid to your beneficiaries or Estate.





Don't forget!

You should update your Nomination details if they change.