With Secure Retirement Income (SRI), can I leave money to loved ones?01 September 2015
Having worked hard for many years to build up your retirement savings, you'll want any remaining savings to go to loved ones when you die.
Passing on an income
When you start taking an income from SRI, you can select either a single or joint life secure income. If you choose a joint life income, when you die the person you nominate can continue to receive a secure retirement income until they die at 50% of the income rate that was payable to you. To qualify for joint life, the person you nominate must be a dependent, and no more than 10 years younger than you.
Passing on remaining savings
If you don’t choose the joint life option, we’ll pay any remaining savings to your nominated beneficiaries when you die.
And, if you select the guaranteed minimum death benefit (GMDB) option, this amount could be higher. If you choose GMDB, we’ll pay your beneficiaries the higher of:
- the value of any remaining savings
- the highest monthiversary lock-in value at the last review date, minus SRI income paid**
- the value of your original investment, minus any SRI income paid**
**Please note, the value of this benefit will be reduced proportionately if you have switched savings out of your SRI investment.
Please bear in mind that, if we’ve paid more in income payments than the highest monthiversary lock-in value at your last review date, or your original investment, and your fund value is zero, then there won’t be any money to pass on.
To find out how we work out your highest monthiversary lock-in value, and for more information on SRI, please see our leaflet What is Secure Retirement Income?(Opens new window)