Make sure your loved ones are provided for

It’s not the most cheerful topic, but it’s important to all of us that our loved ones are provided for. One of the benefits of your pension scheme is your beneficiaries could receive a cash lump sum if you die.

This is because as a Uniper employee you are covered for a multiple of salary in the event of your death in service. The amount will depend on which scheme you are a member of, but ranges from one to six times your salary.

To make sure the money is paid in line with your wishes, it’s important to tell the Trustees who your beneficiaries are. You can nominate an individual, several people, a charity or organisation.

The cash lump sum is normally tax free. But if the Trustee doesn’t know where to pay the money, it could take longer to pay out, and this means it might be taxed.

Nominating a beneficiary will almost certainly speed up the decision about where the money goes, which will spare extra heartache and worry at a difficult time for your loved ones.

The easiest way to nominate a beneficiary is by filling in an Expression of Wish form. Depending on the section of the scheme you are in, please complete either an ESPS member or UPP member form.

You can then send it by post to the address on the form. Later in 2021 you will be able to do this online, but for now it has to be sent by post.

If you’ve recently completed your nominations, that’s great! But if circumstances change, it’s important to keep them up to date. It’s worth reviewing your nominations every couple of years so they continue to reflect your wishes.

Adrian Furnell

Secretary to the Group Trustees