Death before you have accessed your pension

If you die after you have stopped building up benefits in the Scheme, but before drawing your pension (known as death in deferment), there may be benefits payable to your dependant/beneficiary in accordance with the rules of the plan.

This benefit could also include a lump sum, therefore it’s important that the Trustee are aware of your nomination wish. If you have left BNP Paribas employment, this can be updated on the Pension self-service available through Clarity from BW, or the PLPS Member site for Willis Towers Watson.

Please note the Trustee decides who to pay these benefits to and will take into account, but not be bound by, your wishes given in your Nomination Form.

Children’s and dependants’ pensions

If you die after leaving BNP Paribas employment, but before drawing your pension, dependant children may receive a pension until they are 18 (or 23 if they’re in full-time education or training approved by the Trustee).

Children’s, dependants’ and spouse’s pensions increase at the same level as normal retirement pensions.

Death in retirement

If you die within five years of taking your pension

Whenever your pension starts, it is guaranteed for five years. This means if you die within five years of your pension starting (as long as you’re still under 75) a lump sum will be paid, subject to certain conditions. This lump sum will be equal to the balance of the remaining guaranteed pension instalments (disregarding any increases) and will be paid at the Trustee’s discretion.

If you die after five years of taking your pension

Lump sum and spouse’s pensions

If you die after accessing your pension and are married (or have a civil partner), your spouse will receive a pension (as long as you’re not separated or living apart when you die). If you’re not married or in a civil partnership but in a relationship which closely resembles marriage (and there’s financial dependency or interdependency) your partner will generally be entitled to the above – however, there may be differences, particularly if there’s also a spouse or civil partner with whom you’re not living with when you die.

Children’s and dependants’ pensions

Dependent children will receive a pension until they are 18 (or 23 if they’re in full-time education or training approved by the Trustee).

Children’s, dependants’ and spouse’s pensions increase at the same level as the member’s retirement pensions.

Nomination form

You should complete a nomination form to let the Trustee know how you’d like your death benefits to be distributed. If you have left BNP Paribas employment you can do this on the Pension self-service available through Clarity from BW, or PLPS Member site for Willis Towers Watson.