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Death Benefits 

Please click here to download the Group Risk Policy and click here to download the most recent endorsement of the policy

Please click here to download the separate Death Benefit Policy

What gets paid by the UCTRF when I die?

If you die before retirement, a benefit equal to your Accumulated Retirement Savings in the UCTRF plus a lump sum death benefit of 6 times your Deemed Pensionable Amount is payable.  However, if you are an eligible contract staff member whose contract started before 1 July 2017, you do not have the 6 X annual DPA cover mentioned above.

You may choose to reduce your death benefit by 1, 2, 3, 4, 5 or 6 times your annual DPA, but your total death benefit (Accumulated Retirement Savings plus Death cover) may not be less than 4 X your annual DPA.

If you elect to reduce your death cover in this way, your Accumulated Retirement Savings account will be credited with the savings in the risk premium.

Please note: Members over the proof free limit have to submit medical information prior to being accepted for full cover. 

It is also important to note that, in accordance with Section 37D of the Pension Funds Act certain amounts may be deducted from your Accumulated Retirement Savings before your death benefit is paid from the UCTRF.

These include:

•  Tax on the benefit

•  Outstanding housing loans where the member’s Accumulated Retirement Savings were used as surety

•  Arrear maintenance payments awarded via a court order

•  Amounts awarded to an ex-spouse via a Divorce Order which have not previously been paid to your ex-spouse.

•  Losses suffered by the employer as a result of fraud and theft by the employee, and in respect of which the member admitted liability in writing, or a judgement has been obtained against him/her.

What is the Separate Group Life Death Benefit?

In addition, there is a further one times annual Deemed Pensionable Amount that will be paid from a separate Group Life Assurance scheme, provided that the member has not already received a disability lump sum benefit from this arrangement. However, eligible contract staff members whose contract started before 1 July 2017 have cover of three times their annual Deemed Pensionable Amount under this scheme.

Click here to read more on when you can change your death benefits

How will my death benefit be distributed?

Please refer to the Nomination of Beneficiary Form page for more information on how your death benefit will be distributed.

What if I die after retirement?

There is no death benefit after retirement, so only your Accumulated Retirement Savings will be paid.