Quick Q about Death in Service benefits

filigree_2

I've got two pensions - one from an employer I left in 1997, and one with my current employer. Both pensions have a substantial Death in Service benefit.

I'm sorry if this is a really dim question, but do I actually have to be still employed to qualify?

For instance, if I conk out tomorrow will the ten year old pension pay out?

If I have to retire from this job on ill health grounds (which is very likely) but die before normal retirement age (also very likely) would I get the benefit?

I understand about the lump sum and the widow's pension which is clearly explained, but the info pack doesn't explain clearly how they define Death in Service.

The sums concerned are quite generous and I suspect that they only pay out to claimants who are still in paid employment, but I thought I'd ask

Mortgage_&_debt_free

Death in Service means when your are in the service of the employer, so you would have to be employed at the time of snuffing.

filigree_2

Thanks for that - well at least if I get hit by a bus tomorrow there'll be a big payout!

bigbloke45

The only way you could benefit from death in service benefits once you have left service is to transfer some or all of them to an insurance policy underwritten by the same company that provides the DIS. You would have to pay the premium yourself and it would be a lot more expensive. BUT would be worth it if you would be rated or uninsurable as you can usually get normal rates without medical evidence.