Page 30 - BoAML Plan Handbook 17 V2.0

On death

If you...

...die whilst in service with this employer ...die having opted out of the Plan ...die while in retirement

If you joined the Plan on or after 1 January 2013 or if you Spouse/Dependant(s) If you were employed and a member of the Merrill Lynch The benefits provided will depend on the options selected
are a former Bank of America UK Pension Plan member, • A pension for your Spouse/Dependant(s). This will be (UK) Pension Plan or Merrill Lynch (UK) Defined Contribution at retirement. See page 28 for more details.
the following will be provided: one-third of your Plan Salary at your date of death Plan on 31 December 2012, this will be an amount equal to
(reduced by 2.5% for each year in excess of 10 that four times your Plan Salary (unless you chose a different level ...die after leaving this employer as a
• A lump sum equal to eight times your Plan Salary of lump sum through MyBenefitChoices). Pension benefits
(unless you chose a different multiple through your Spouse/Dependant is younger than you). may also be payable to your Spouse/Dependant/Children as Deferred Member
MyBenefitChoices), plus The Trustee, at its discretion, may offer the option of providing described on page 30. The value of your Member Account would be used to provide
• The value of your Member Account at the date of your death. this benefit as a lump sum payment rather than a pension. If you are a former Bank of America UK Pension Plan death benefits to your UK Dependant(s).
• The total value of the above benefits would be used member or joined your employer on or after 1 January 2013,
to provide a cash lump sum and/or income for your Children this will be an amount equal to eight times your Plan Salary
Dependant(s), depending on your circumstances. • A pension for each eligible child. This will be 5% of your (unless you choose a different level of lump sum through Expression of Wish details and the
Plan Salary at your date of death for each eligible child, up MyBenefitChoices).
The lump sum is currently paid free of tax. Please note that to a maximum of five children. discretion of the Trustee
payment of this benefit is subject to the insurer’s terms and
conditions, and any restrictions to cover that they may impose. Pension benefits for children are payable until age 18, or So that any lump sums payable can be paid free of
23 if they are in full-time education or training, on Trustee inheritance tax (under current legislation), the Trustee
If you were an active member of the Merrill Lynch (UK) approval. If no pension benefits for a Spouse or Dependant(s) must, by law, decide whom to pay benefits to on your
death. When reaching its decision, the Trustee will
Pension Plan or Merrill Lynch (UK) Defined Contribution are payable, pension benefits for children will be doubled. consider your wishes but is not legally bound by them.
Plan on 31 December 2012, the following will be provided: The Trustee, at its discretion, may offer the option of providing It is therefore important that you ensure that
this benefit as a lump sum payment rather than a pension. your Expression of Wish details are up to date,
• A lump sum equal to four times your Plan Salary (unless you
chose a different multiple through MyBenefitChoices). If the total value of these benefits is less than the value of your especially following a Qualifying Life Event,
so that the Trustee can take these into account.
• The value of any additional contributions made via Member Account, your Member Account will be used to provide
MyBenefitChoices, together with any AVCs you have benefits in addition to those described here. When you join the Plan, you need to complete your
paid, will be used to provide benefits in addition to those Expression of Wish details. You can change these
described here. nominations at any time after this on the Plan
administration website. Either use the links to SSO
The lump sum is currently paid free of tax. However, if the Life assurance cover via HR Connect or via HR Interchange if you are
total value exceeds the Lifetime Allowance, the excess will be an MBNA employee (see page 6 for details) or go to
taxed (see page 13). Please note that payment of this benefit Your employer is no longer able to obtain www.hartlinkonline.co.uk/boaml. Alternatively, you
is subject to the insurer’s terms and conditions, and any the same level of life assurance cover as was can complete and return an Expression of Wish form;
restrictions to cover that they may impose. previously available in the event of a single
catastrophic event. In such an event, if the download a copy at the link above.
level of cover is not enough to cover all
Increasing your death benefit death-in-service claims arising out of the
one event, lump sum death-in-service benefits
Each year during the MyBenefitChoices Annual Enrolment may be cut back accordingly.
period, you can increase your death in service benefit
(within limits) up to 20 times your Plan Salary, or decrease
it to two times your Plan Salary and use the cost of the
benefit given up to either provide additional salary and/or
buy other benefits. It is important that you consider your
personal circumstances carefully before making changes.
You may also be able to change this level of cover
if you experience a Qualifying Life Event (see page 41).

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