Below you will find Frequently Asked Questions about Non-Members.
Yes, you should complete a beneficiary form. You do not need to be a member of the KPS-MP to be eligible for life assurance.
If you joined the Company before 30 June 2012 but are not an active member of the KPS-MP your beneficiaries will receive a lump sum life assurance benefit of 2 x Salary at the date of your death, if you were to die whilst working for the Company.
If you joined the Company after 1 July 2012 but are not an active member of the KPS-MP your beneficiaries will receive a lump sum life assurance benefit of 1 x Salary at the date of your death, if you were to die whilst working for the Company.
If however, you join the KPS-MP, your beneficiaries will receive a lump sum life assurance benefit of 4 x Salary at the date of your death, if you were to die whilst working for the Company.
It is therefore advisable for all employees to complete a Beneficiary form, and keep it up to date.
You can join the KPS-MP at any time by completing and returning a Joining form.
The KPS-MP is a money-purchase or defined contribution arrangement. Contributions (paid by both yourself and the Company) will be invested in a Retirement Account in your own name, administered by Legal & General.
You can choose where you invest your Retirement Account from a selection of funds offered by the Trustee. Full details of the funds offered can be found in the Scheme’s Member Guide.
On retirement there will be options available to you wish include:
1) Use the value of your Retirement Account to purchase an annuity.
2) Take 25% of your Retirement Account as a cash lump sum and use the residual value of your Retirement Account to purchase an annuity.
For further information please click here.
In the event of your death whilst still employed by the Company, a lump sum of 2 x Salary at date of death would be payable.
In the event of your death whilst still employed by the Company, a lump sum of 1 x Salary at date of death would be payable.
