PAYING YOUR BENEFITS
Once the Fund has received all the necessary documents, details of any benefits due are forwarded shortly afterwards to you.
Payment of Lump sum Death Grants
Death grants are sent by cheque through the post as soon as possible. If you are entitled to
a pension as well, it can be paid directly into the bank or building society of your choice.
You are advised to seek some independent financial advice on how best to use or invest a lump sum payment.
Payment of Pensions
All pensions, including those for widows, widowers, survivors and children are paid monthly on the 10th of each month for the whole of that month.
Converting a Long-term Pension into a Lump sum Payment
In certain circumstances, it is possible to convert a small long-term pension into a one-off
lump sum payment, provided the total Capital Value of all dependants' benefits does not exceed 1% of the standard Lifetime Allowance on the date it is paid. For further details, please contact the Fund.
Method of payment
You can choose to have your pension paid directly into either:
- Your bank
- Your building society
The Fund sends you a form for payment to be made into either a bank or building society.
Unfortunately payments cannot be made directly to Post Office National Savings accounts.
It is very important that all sections are completed on the form. Particular attention should be made when completing the sort code and account number details.
First Payments
Your first payment of pension is paid directly into your chosen bank or building society and covers the period from the day after your spouse/partner’s death to the end of the month and usually all of the following month.
Balance or Overpayments of Pension
If a member dies whilst receiving a pension, a balance may be due or an overpayment may occur. It depends largely on when the Fund is notified. For instance, when a member dies prior to the 10th of the month and if the Fund is informed immediately, a balance of pension is due.
But when a member dies after payment has been made, bearing in mind that payment is for the complete month, the amount overpaid has to be recovered, usually from any dependants’ pensions or lump sum due.
Payment Overseas
Even if you decide to emigrate, your pension is still paid monthly into a bank account anywhere in the world. All overseas transactions are dealt with by the Bank of Scotland who make a small charge for currency conversion and transmission of the payment.
Any Queries
Any queries you have regarding payments should be directed to the Payroll Section at the Fund on 0151 242 1391.
