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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Scheme Member | Redundancy | Redundancy - Lump sum death benefits
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Redundancy - Lump sum death benefits
As an active member of your pension scheme you may enjoy substantial life insurance cover provided by your employer. This is usually in addition to any dependants’ pension benefit payable (to a spouse, civil partner, children etc).
When you stop being an active member and become a preserved member following redundancy, any lump sum death benefit cover that you may be entitled to as an active member will cease - either immediately or shortly after redundancy. Any lump sum payable on your death after you have been made redundant is likely to be much lower than applied before redundancy.
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To find out more, choose one of our free Factsheets on the right to match your category of membership.
Not sure which category of member you are? See our definitions:
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See our Glossary for definitions of phrases in our Factsheets
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Not applicable to Pensioner members
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This Factsheet is not yet available for Money Purchase members.
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