Death in service
The following benefits are payable:
- A life cover cash sum (currently tax free) of three times your pensionable salary at the date you die.
- A further payment equal to your contributions to the plan (or those paid for you through the Unilever Contribution Arrangement), with interest.
- A pension for your eligible husband or wife of half your pension, based on your pensionable salary at the date you died and the pensionable service you could have completed up to age 65.
- Pensions for eligible children 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.
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 retired the day before you died – so, they will take into account the increases your pension received after you reached 65.
- If you started drawing pension while continuing to work, then die before leaving Unilever, the benefits payable will be the same as if you had died in retirement (see Death in retirement).
If you joined the Unilever UK Pension Fund or the Unilever Superannuation Fund on or before 1 October 1987, choose to stop contributions at 60, then die while still working at Unilever, the benefits payable will be the greater of:
- the benefits payable as if you had retired the day before you died; and
- the benefits payable as if you had died in pensionable service (see above).