This may differ between different types of pension.
Your Island Pension allows for the value of your pension pot to be paid as a lump sum to someone you nominate during your lifetime, in the event you die before you’ve taken anything from your pension.
You can choose to nominate family, friends, charities etc. This can be done easily via the Member Self-Service Portal.
The general intention of a pension is to pay someone an income for life, typically once they’ve stopped working.
The amount of income an individual can receive is based on the value of their pension pot and their age. These factors will be used and an actuarial calculation will be undertaken at regular intervals to ensure the amount being paid remains appropriate and should ensure that it lasts as long as possible.
Typically the death of a pension member will be notified by an individual’s family, friends or those involved in handling matters regarding their estate. It is important to do this as soon as possible.
Pension payments should cease immediately upon notification of a member’s death. It is important to notify us as soon as possible. Any pension payments paid after death will need to be repaid.
Generally with an Insurance Annuity the contract applies for the lifetime of the individual and as such upon their death, there is no ongoing entitlement. YIP does not provide an annuity when you retire.
Upon notification of a member’s death, pension payments should cease immediately.
The beneficiary/ies that you have nominated will be the recipient/s of any remaining pension value on your death. This could be family, friends, charities.
It is important to keep your information up to date. You can do this easily via the Member Self-Service Portal.
Do you get your parents pension when they die?
This entirely depends on the type of pension your parents have, and also whether they have chosen you as a beneficiary of their pension.
Do you get your partner’s pension when they die?
This entirely depends on the type of pension your partner has, and also whether they have chosen you as a beneficiary of their pension.