What if I die in service?

The lump sum is 3 x Pensionable Salary at date of death. It is payable at the discretion of the Founding Companies. This means that the Founding Companies decide who should receive it. As the benefit is discretionary it is not normally subject to UK Inheritance Tax.

It is important to make sure you complete a SOCPF Death in Service Nomination Form, and keep it up to date. The Founding Companies will then know who you wish to receive the lump sum and take this into account when deciding who should receive the benefit.

If you have paid AVCs whilst a member of the SCPF, your AVC fund would be paid as a lump sum benefit, payable at the discretion of the Trustee. This means that the Trustee decides who will receive it. As the benefit is discretionary it is not normally subject to Inheritance Tax. If you have paid AVCs, you should also complete an AVC Death Benefits Nomination Form as well as the SOCPF Death in Service Nomination Form.

The Qualifying Spouse’s pension is 60% of the pension you would have received at Pension Age, based on your Final Pensionable Salary at date of death and your Prospective Pensionable Service.

The amount of pension paid to children depends on whether or not you leave a Qualifying Spouse and how many Children you have. The SOCPF explanatory booklet contains full details.

If you die in Shell service as an Active Member after reaching Pension Age, pensions for your dependants are based on the pension you would have received if you had started to take it at your date of death.