UBS (UK) Group Pension Plan – Credit Suisse Section

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.