Death benefits
Learn about death benefits and how to keep your Nomination of Beneficiary updated to protect your loved ones.
You should see your Nomination of Beneficiary form as a safety net for your family and other dependants in the unfortunate event of your death.
Your Nomination of Beneficiary will help guide the Trustee, when it considers who should receive your pension savings following your death. If you have not completed or updated your form, then please do so now.
You can do this quickly and simply via your secure online portal account, or download a copy of the form. It’s important to complete your Nomination of Beneficiary form and review it annually, especially if your circumstances change (for example, you get married, divorced or have children).
Nominate via online portal
If you die whilst employed by Wincanton, your family may receive a lump sum that is a multiple of your salary. Typically, this is 1x annual salary for job grades M2 and below and 3x annual salary for job grades M3 and above. The value may vary dependent on whether you are a member of the pension scheme, when you joined the company and any historic TUPE arrangements. The default for pension scheme opt-outs is 1x annual salary. These benefits are paid under an Excepted Group Life Policy.
If you die before retiring, the benefits payable to your beneficiaries will depend on which section of the Scheme you’re a member of:
Defined contribution (DC) members
The value of your personal pension account, including all of your own contributions plus what the Company has paid, plus investment growth or loss, will be paid to your beneficiaries as a lump sum (subject to HMRC limits).
Defined benefit (DB) member
In the event of death before retirement from the Scheme, a return of your contributions plus 4% compound interest will be payable to your beneficiaries. A spouse’s, child’s, or dependent’s pension may also be paid, where appropriate.
In the event of death after retirement from the Scheme, a spouse’s, child’s, or dependent’s pension may also be paid, where appropriate. Your pension is guaranteed for five years.