Planning for your future is just as important in retirement as it is during your working life. And knowing your loved ones will still have the financial support they need even after you’ve gone, not only reassures you but can reassure them too.
Keeping us up to date about your beneficiaries and dependants ensures we know who you’d like the benefits and savings you’ve built up in USS to go to when you’re no longer here.
To register or update your beneficiaries and dependants, complete your Expression of Wish and Registration of potential dependant forms in My USS
What your loved ones get when you die
If you die within the first five years of retirement, your beneficiaries will receive a lump sum. Usually, this will be three times the pension you built up, minus the amount of pension and lump sum already received by you. There’s also a pension for life for your spouse or civil partner or a dependant’s pension if you aren’t married or in a civil partnership. In addition, there may be a pension payable for any eligible children.
If you die five years or more after retiring, your loved ones could still be eligible to receive a pension for life but no lump sum will be payable to them.
What happens to any defined contribution (DC) savings you have left invested?
Any Investment Builder savings that remain invested will go to your beneficiaries. These will usually be tax-free if you die before age 75 or taxed at the recipient’s marginal rate if you die after age 75.
If you have any Money Purchase Additional Voluntary Contributions with Prudential (MPAVCs), we’ll tell them of your death. They’ll then send your savings to your beneficiaries.
Good to know
A beneficiary is someone who’ll receive a lump sum* and pension for life when you die. You can have one or more beneficiaries and can tell us what proportion of your benefits you’d like each to have when you die. To do this, you should complete the Expression of Wish form in My USS
A dependant is someone who’s reliant upon you financially or because they have a physical or mental disability. They must be dependent upon you at the time of your death. To register a dependant, complete the Registration of potential dependant form on My USS
To find out more, visit what happens when you die and read our factsheet.
*Loved ones are only eligible to receive the lump sum if you die within five years of retirement.
Published: 30 July 2024
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