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What happens if you die after taking your money

Once you’ve started to take your Plan savings, how your loved ones are affected if you die depends on the option you chose at the point you accessed your money and the exact options available will be determined by the terms of your plan or policy.

If you're working with the bank:

A lump sum Life Assurance benefit is paid - details of this benefit can be found on NatWest Group Benefits. The value of your Plan savings at date of death will also be payable as a lump sum.

If you’ve chosen to take your Plan savings as cash:

Your loved ones won’t receive anything more from the Plan. If you’ve only taken some cash, your chosen beneficiary would be entitled to the money you have left in your Plan savings. 

If you’ve chosen a flexible retirement income from the Legal & General Mastertrust Pension Access Scheme or another drawdown pension provider:

Please visit the Legal & General Mastertrust Pension Access Scheme website for full details. You would have received these details on joining the new scheme. If you used another drawdown pension provider please contact them directly.

If you’ve chosen to buy an annuity:

It depends entirely on the options you choose when you buy the annuity. Some annuities can be paid as income after you die to your chosen beneficiary. However, this is determined by the type of annuity you’ve purchased.

A key part of your retirement planning should be to make sure you have an up-to-date Nomination of Beneficiaries Form so it’s clear who you’d like the remainder of your savings to go to if you have chosen to take your savings in a series of cash lump sums or a flexible income. You can do that by simply logging in to Manage Your Account and click on Nominate Beneficiaries

Nomination of Beneficiary

Complete the online form in Manage Your Accountto let us know who your pension savings should be paid to in the event of your death.

Your options for taking your money

You have the flexibility to decide when and how to use your savings..

Your State Pension age

Find out your State Pension age.