Who benefits if I die?

The Scheme provides you with peace of mind by providing benefits for your family if you die.

Any lump sum benefits payable on your death are payable at the discretion of the Trustees. Because of this, they're not subject to inheritance tax.  The Trustees will, however, take account of your wishes and it's therefore best to complete an Expression of wish form.

Death in service

If you die as an active member, a lump sum will be payable calculated as the higher of:

  1. the amount of your Retirement Account immediately before your date of death; and

  2. 6 times your Pensionable Pay* over the 12 months ending on the previous 31 December before your date of death

The benefits payable will be paid to one or more of your immediate dependants or to a person(s) you have nominated in writing to the Trustee. Your immediate dependant is your husband or wife, civil partner or a dependent child at the date of your death.

Who receives the benefits and in what amount are determined at the absolute discretion of the Trustee, even where you have provided an expression of wish form to the Trustee. However, where you have completed an expression of wish form, every consideration is given to your wishes. It is important to complete a new expression of wish form if there is any change in your personal circumstances.

* Pensionable Pay is your basic salary plus any regular emoluments specifically stated to be pensionable in your contract of employment or as otherwise determined by the Company. If you participate in Salary Exchange for Pensions, Pensionable Pay is your pay before the deduction of the contributions (salary exchange adjustment).

Death in deferment

If you die as a deferred member, a lump sum equal to the value of your Retirement Account at the date of death, including increases between the date you left Diageo and your death will be paid.

The benefits payable will be paid to one or more of your immediate dependants or to a person(s) you have nominated in writing to the Trustee.  Your immediate dependant is your husband or wife, civil partner or a dependent child at the date of your death.

Who receives the benefits and in what amount are determined at the absolute discretion of the Trustee, even where you have provided an expression of wish form to the Trustee.  However, where you have completed an expression of wish form, every consideration is given to your wishes.  It is important to complete a new expression of wish form if there is any change in your personal circumstances.

Death in retirement

If you die following your retirement, the benefits payable will depend on the terms of the annuity you bought at retirement.