What happens to my money when I die?

Death benefit payments from the Fund may be made to those you leave behind. It is important that you understand who might receive these benefits and how you can let us know who you would like to receive them.

The amount your loved ones will receive will depend on which part or ‘schedule’ of the Fund you’re in, and whether you’ve already started getting a monthly pension when you die. You can download a copy of your schedule specific benefit factsheet by logging on to Your pension record. Go to > Useful documents > Schedule specific information.

Active members

As you are still employed by the bank, a bank representative would collect and pass on information from your family and/or legal representative to the Fund administrators, Willis Towers Watson (WTW). See more detail below.

This summary gives you an idea of WTW’s typical administration process for providing any death benefits to your spouse or financial dependants in the event of your death. In particular, it shows what documents will be needed and how to provide them.

Read more detail on what happens to your benefits when you die.

Step 1

The bank will notify WTW of the date of your death.

Actions your next of kin/legal representative needs to take

Your next of kin/legal representative will hear from the appointed bank liaison manager (the contact for all questions in relation to any benefits) after the initial notification of death.

The bank will collect relevant information and certificates from your next of kin/legal representative and provide this to WTW.

What WTW will do

WTW will work out what death benefits could be payable; this could be a spouse or dependant pension, children allowances and/or a lump sum.

WTW, on behalf of the Trustee, will require the following information:

  • A certified copy of your death certificate;
  • A certified copy of your marriage certificate (if applicable);
  • A certified copy of spouse / partner’s birth certificate (if applicable);
  • Certified copies of birth certificates for any children who may qualify for an allowance;
  • The bank’s completed Death in Service information (i.e. nomination) form; and
  • A copy of your Will.

Step 2

What WTW will do

WTW will review all of the information received alongside the nominations they hold in Your pension record and then seek authority from the Trustee on how to pay any discretionary lump sum benefits and any dependant benefits. Please note that in some cases, the time taken for the Trustee to consider all relevant information and relevant beneficiaries can be extensive. The Trustee may also need to get legal advice before it can make its final decision.

Actions your next of kin/legal representative needs to take

Agreed beneficiaries complete and return Benefit Election Form and Payment Instruction Form.

What WTW will do

WTW will send a letter to the people who are to be paid a benefit from the Fund detailing the next steps. The letter will also include a Benefit Election Form and Payment Instruction Form to complete and return.

Once WTW have all the information needed, they will pay any lump sum benefits and put any pensions into payment.*

Please note, if applicable:

  • WTW will write to confirm when the first pension payment will be paid.
  • Spouse or dependant pensions are paid on the 18th of each month.

Please note: the above process can take a number of months to complete. In particular, where a lump sum is payable, it can often take quite a long while to get all the relevant information together.

*Typically, WTW will aim to settle benefits within 5 working days of receiving the relevant bank details in the completed Payment Instruction Form. This will be longer if you have APeCs and/or AVCs as these will need to be disinvested first before any benefit payments can be made.

WTW can process payments faster if your next of kin/legal representative is able to:

  • Fully complete the Benefit Election Form and Payment Instruction Forms
  • Provide correct information
  • Provide WTW with the correct documentation and
  • Provide up-to-date identification.

It’s a good idea to keep your personal documents and the member helpline contact details together in a safe place, so your loved ones can contact us:


01737 227549


Review and update your nominations at any time on Your pension record, particularly if you have experienced a life event such as a divorce, birth of a child or marriage. Out of date nominations could cause a delay in the payment of death benefits and may also mean that your benefits might not be paid to the people you want to receive them. There are two stages: nominate who you would like to receive any lump sum payment and also if you’re not married, in a civil partnership or have a partner who is financially dependent, nominate who you would like to receive the partner/dependant pension.

Some of the Fund’s death benefits are paid at the Trustee's discretion. This means that while your wishes are taken into account, the Trustee ultimately makes the final decision.