If you pass away before your retirement date, this will have a big financial impact on your surviving dependants. Usually, surviving dependants receive a monthly benefit through your pension scheme when you pass away. This page explains how it works.
Watch the video to find out what happens to your pension after you pass away:
Partner’s and orphan’s pension
If you pass away during your current period of employment – before you retire – your surviving dependants will receive benefits. This is what we call the partner’s and orphan’s pension.
Undetermined partner system
If you want your partner and/or children to be eligible for the partner’s or orphan’s pension and the recovery clause, you don’t need to do anything.
If you pass away, we will investigate whether there are any pension beneficiaries. If there are, we will contact your surviving dependants. We call this the ‘undetermined partner system’.
Check your surviving dependants’ pension
If you are accruing pension through BeFrank and you want to know how your surviving dependants’ pension has been set up, log into your personal pension page.
NB: if you leave your job, your insurance will stop
If you leave your job, you will no longer accrue pension with BeFrank. This means your pension policy will also stop. Your surviving dependents will no longer be entitled to a partner’s and orphan’s pension through BeFrank. However, the recovery clause will remain in tact – even if you no longer accrue pension with BeFrank yourself.
At BeFrank, a recovery clause applies in addition to the partner’s and orphan’s pension. This means your surviving dependents will receive 100% of your investment capital if you pass away before your retirement date. We will use this amount to buy additional partner’s or orphan’s pension. This applies even if you have already left your job.