Benefits for your dependants
Here you can find out what your dependants may be eligible for if you die or go through a divorce.
Benefits if you die
Your Credit Suisse benefits usually include protection for your dependants if the worst should happen.
The benefits available depend on whether or not you are still working for Credit Suisse, what kind of benefits you have and the rules of the benefit section you are in.
Benefits if you die [Q4 Update]
Your [Credit Suisse Section] benefits usually include protection for your dependants if the worst should happen.
The benefits available depend on what kind of benefits you have and the rules of the benefit section you are in.
If you are currently working for Credit Suisse
Remember your nomination form
You should fill in a nomination form to tell the Trustees whom you’d like to receive the benefits. If you have DC or hybrid benefits, you can do this on Fidelity PlanViewer. Visit the Do it online page for more information.
The following benefits may be available.
If you are building up benefits in DC Plus at the date of your death, the Fund will pay the following benefits.
- A cash sum equal to four times your pensionable salary (generally, your base salary subject to Credit Suisse’s earnings cap) at the date of your death, plus any regular or lump-sum additional contributions you had paid to your DC Plus retirement savings. (Contributions from Credit Suisse will be disinvested and kept in the Fund – they will not be paid to your beneficiaries.)
- A pension for your husband, wife, civil partner or other dependant, equal to one-third of your pensionable salary at the date of your death.
- Children’s pensions may also be available. These are one-sixth of your pensionable salary for each child, up to a total children's pension of one-third of your pensionable salary at the date of your death.
If you are no longer building up benefits in the Fund (for example, if you are building up benefits in the Credit Suisse Master Trust, or you have opted out of the pension) the benefits paid to your dependants on your death will be different. You may be a member of the Credit Suisse Life Assurance scheme.
For more information
Visit Bubble for more information. Go to Do it online.
If you have left Credit Suisse, but have not yet retired
Remember your nomination form
You should fill in a nomination form to tell the Trustees whom you’d like to receive any cash benefits that become payable if you die. Visit the Do it online page or, you can download a nomination form from the Library.
The following benefits may be available.
DC benefits build up from contributions and investment returns. Depending on the rules of the benefit section you are in, the retirement savings you have built up to date may be available to be paid to your dependants. This will generally include Credit Suisse’s employer contributions and any additional contributions you have made.
DB benefits are based on salary and the length of time you were building up benefits. Depending on the rules of the benefit section you are in, if you die before you retire, the Fund generally pays a pension to your husband, wife, civil partner or other dependant. This is a proportion of the pension you had built up at the date of your death.
For more information
Contact Fidelity for more information. Visit Help and contacts for their contact details.
If you have not yet retired [Q4 Update]
Remember your nomination form
You should fill in a nomination form to tell the Trustee whom you’d like to receive any cash benefits that become payable if you die. Visit the Do it online page or, you can download a nomination form from the Library.
The following benefits may be available.
DC benefits build up from contributions and investment returns. Depending on the rules of the benefit section you are in, the retirement savings you have built up to date may be available to be paid to your dependants. This will generally include Credit Suisse’s employer contributions and any additional contributions you have made.
DB benefits are based on salary and the length of time you were building up benefits. Depending on the rules of the benefit section you are in, if you die before you retire, the [Credit Suisse Section] generally pays a pension to your husband, wife, civil partner or other dependant. This is a proportion of the pension you had built up at the date of your death.
For more information
Contact Fidelity for more information. Visit Help and contacts for their contact details.
If you have retired
These are the benefits that may be payable.
DC benefits build up from contributions and investment returns, and you use them for benefits when you retire. Benefits for your dependants will depend on the choices you made when you retired.
A pension
If you bought a pension annuity, you would have chosen whether or not to include a dependant’s pension.
Taking cash
If you took all your benefits as cash, there would be no dependants’ benefits. This option is not available in the [Credit Suisse Section] – you would need to transfer your benefits out.
Taking income drawdown
If you chose to take income drawdown, any benefits left over when you die can be paid to your dependants (although there is no guarantee there would be any left). This option is not available in the [Credit Suisse Section] – you would need to transfer your benefits out.
DB benefits are based on salary and the length of time you were building up benefits. Depending on the rules of the benefit section you are in, the [Credit Suisse Section] generally pays a pension to your husband, wife, civil partner or other dependant. As a general rule, this is half the pension you were receiving at the date of your death, unless you were a member of the RBP or SVB sections, which pay two-thirds. The dependant’s pension will increase in the same way as your pension. If you had exchanged some of your pension for cash when you retired, the dependant’s pension would be worked out as if you had not exchanged any pension for cash.
In addition, if you die within five years of your pension starting, the balance of five years’ pension payments will be paid as a cash sum (but ignoring any future pension increases). Remember to update your nomination form when you retire to tell the Trustee whom you’d like to receive this benefit. You can do this by contacting Fidelity or by downloading a nomination form from the Library.
For more information
Contact Fidelity. Visit Help and contacts for their contact details.
DC benefits build up from contributions and investment returns, and you use them for benefits when you retire. Benefits for your dependants will depend on the choices you made when you retired.
A pension
If you bought a pension annuity – you would have chosen whether or not to include a dependant’s pension.
Taking cash
If you took all your benefits as cash, there would be no dependants’ benefits. This option is not available in the Fund – you would need to transfer your benefits out.
Taking income drawdown
If you chose to take income drawdown, any benefits left over when you die can be paid to your dependants (although there is no guarantee there would be any left). This option is not available in the Fund – you would need to transfer your benefits out.
- If you die before age 75 your dependants can receive your remaining retirement benefits free of tax, whether they take them as a single cash sum or take income out from time to time.
- If you die aged 75 or over, your dependants can receive your remaining retirement benefits and pay income tax at their own highest rate.
For more information
Contact Fidelity. Visit Help and contacts for their contact details.
DB benefits are based on salary and the length of time you were building up benefits. Depending on the rules of the benefit section you are in, the Fund generally pays a pension to your husband, wife, civil partner or other dependant. As a general rule, this is half the pension you were receiving at the date of your death, unless you were a member of the RBP or SVB sections, which pay two-thirds. The dependant’s pension will increase in the same way as your pension. If you had exchanged some of your pension for cash when you retired, the dependant’s pension would be worked out as if you had not exchanged any pension for cash.
In addition, if you die within 5 years of your pension starting, the balance of five years’ pension payments will be paid as a cash sum (but ignoring any future pension increases). Remember to update your nomination form when you retire to tell the Trustee whom you’d like to receive this benefit. You can do this by contacting Fidelity or by downloading a nomination form from the Library.
For more information
Contact Fidelity. Visit Help and contacts for their contact details.
How benefits are treated in a divorce [Q4 Update]
If you get divorced or dissolve a civil partnership your pension benefits, and those of your former partner, can be taken into account as part of the settlement.
Your divorce settlement may direct the Trustee of the Plan to transfer part of the value of your benefits to a new pension arrangement for your former partner. There would generally be an administration charge for this.
Transfer values
As part of divorce proceedings you may need to provide a transfer value for your benefits. There may be a charge for this; please contact Fidelity to find out. You must tell Fidelity if the transfer value is needed as part of divorce proceedings, so they can send you information about pension sharing in a divorce. Visit Help and contacts for their contact details.
If you are the former partner of a [Credit Suisse Section] pension member and you receive part of their pension in a divorce settlement, you will need to choose a pension arrangement to transfer this into and check it can accept the transfer.
How benefits are treated in a divorce
If you get divorced or dissolve a civil partnership your pension benefits, and those of your former partner, can be taken into account as part of the settlement.
Your divorce settlement may direct the Trustees of the Fund to transfer part of the value of your benefits to a new pension arrangement for your former partner. There would generally be an administration charge for this.
Transfer values
As part of divorce proceedings you may need to provide a transfer value for your benefits. There may be a charge for this; please contact Fidelity to find out. You must tell Fidelity if the transfer value is needed as part of divorce proceedings, so they can send you information about pension sharing in a divorce. Visit Help and contacts for their contact details.
If you are the former partner of a Credit Suisse pension member and you receive part of their pension in a divorce settlement, you will need to choose a pension arrangement to transfer this into and check it can accept the transfer.