Taking care of your loved ones
It’s important to know that if the worst happens, you’ve made sure your loved ones will be taken care of.
The Trustee is responsible for deciding who your GE HealthCare Pension Plan (the Plan) benefits are paid to if you die. You should complete your Nomination of Beneficiaries form to let us know your wishes. Doing this will let the Trustee know who you’d like any lump sum paid to – you can nominate anyone, including a charity or association. Although not legally binding, the Trustee will take this into account when making a decision. Spouse’s or dependant’s pensions will be paid to those who are eligible, which you can read more about below.
How to complete your Nomination of Beneficiaries form
You can let us know about your beneficiaries by completing the My Beneficiaries form on ePA. Once you’ve logged in, you’ll see the ‘My Beneficiaries’ page. You can add details of your beneficiaries here. Once there, you can also add details of your spouse and dependants at the same time.
What is payable if I die?
If you die before you start receiving your pension from the Plan (if you are an in-service deferred or deferred member of the Plan), there will be benefits payable to your dependants.
The benefits paid from the Plan are generous, but the exact detail of these will depend on which section of the Plan you’re part of, and will typically consist of either a lump sum payment, a pension for your dependant(s), or a combination of both.
If you’re already receiving your pension from the Plan when you die (if you’re a pensioner member of the Plan), the Plan will normally pay pensions to your dependants – this is usually paid to your husband, wife, or civil partner, or anyone else the Trustee considers to be financially dependent on you, and may also pay a pension to your eligible children. There may also be a lump sum payment, so if you’re a pensioner member of the Plan, it’s worth completing your Nomination of Beneficiaries form.
Find out more
The exact details of your benefits will depend on which section of the Plan you're part of, and you can check these by logging on to ePA. Once logged on, you can check your details and read the ‘Financial protection for your Dependants’ sections of the Plan Guide for more information.
What if I don’t have a spouse or civil partner?
If you don’t leave a husband, wife or civil partner, the Trustee may treat another of your dependants as if they were your spouse or civil partner, provided they are financially dependent on you.
Please note – Children’s pensions are paid until the child reaches age 18, or 23 if they remain in full-time education or training.
Who qualifies as a dependant?
A dependant is a husband, wife, civil partner or eligible child, or it can be someone that the Trustee determines as being financially dependent on you.
Who qualifies as an eligible child?
An eligible child is a child of yours, including a step-child, a legally adopted child or a child that the Trustee determines to be dependent on you.