Death in service
The following benefits are payable:
- A life cover cash sum (currently tax free) of three times your pensionable earnings (ignoring the two levels) at the date you die.
- Any extra life cover you have arranged from the plan through the Unilever Contribution Arrangement.
- A further payment equal to the contributions made for you through the Unilever Contribution Arrangement, with interest (in place of the contributions you would otherwise have paid yourself).
- A pension for your eligible husband or wife of half your pension, based on your pensionable earnings between the two levels at the date you died, and the number of years you could have worked up to age 65 (limited to a maximum of 40 years overall). If your pensionable earnings include fluctuating pay, the average of that fluctuating pay over the last three years is used.
- Pensions for eligible children (also based on pensionable earnings between the two levels) up to age 18 (or 23 if they are in full-time education).
These benefits will still apply if you have already reached 40 years’ pensionable service and still work at Unilever but no more than 40 years' pensionable service counts when calculating the benefits.
If you work past the age of 65 with Unilever’s agreement, then die while still working at Unilever, the benefit payable will depend on the decision you made about your pension (see Late retirement):
- If you carried on your pensionable service, the benefits will be worked out as above, using your actual pensionable service up to the 40-year maximum (as you have passed age 65).
- If you stopped your pensionable service, the benefits will be worked out as though you had died between leaving and retiring (see Death in retirement).