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Allocation
In this section
Allocation gives you the option to give up some of your own pension and ‘allocate’ it to your survivor.
What is allocation?
An explanation
Allocation gives you the option to give up some of your own pension and ‘allocate’ it to your survivor.
When to allocate
Check the timescales
You must choose if you want to allocate some of your pension within the two-month period before you benefits become payable.
Requirements
What you need to do
You may be asked for medical evidence of good health and would be assumed to have a normal life expectancy.
Up to one third of your pension can be given up – the final amount will depend on your gender, your age and the age of your surviving partner.
The allocated pension would be paid from the date of death. However, if your survivor dies before you, the portion of pension allocated would be given back.
Your administrator can give you a personalised quote before your pension becomes due if you would like to find out more.