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Benefits payable on death

Benefits payable on death in service as a lump sum

Some pension arrangements provide lump sum benefits to beneficiaries in the event of a member’s death.

The lump sum benefits payable depend on the type of pension arrangement that you may be in and other circumstances such as whether or not you have dependants.

Example

Anne is a member of a pension scheme. Her salary is €40,000 and she is covered for a lump sum death benefit of 3 times salary. If Anne dies, a benefit of €120,000 is payable to her estate or directly to her beneficiaries.

You should find out about the benefits that would be paid in the event of your death. If no benefits are payable or if these would be insufficient to provide for your dependants, then you should look at taking out life assurance cover or increasing the level of benefits payable.