Death benefits
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Some DC schemes may provide additional benefits payable to the
dependents of the member if the member should die in the service of
the employer. This may consist of a pension payable as a percentage
of the members salary or a cash lump sum multiple of the members
salary.
The scheme may simply provide for the members pension fund to be
converted into a pension for the spouse.
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Ill-heath benefits
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It may also be the case that the scheme provides a benefit
payable should a member become ill (as defined by the rules of the
scheme). This could be a pension payable for life at a level in
excess of that which could be bought from the proceeds of the
members pension fund. However their is no obligation to do this and
the benefit may simply provide for the members pension fund to be
converted into a pension with no enhancement. Check the details of
your scheme.
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