Taking care of your loved ones
At a glance
If you die before you’ve started to receive your pension, your spouse or registered civil partner will receive a pension of half your annual pension, based on its value at the date of your death. They would also receive a refund of your contributions to the Plan.
If you’re still employed by Michelin you may also be entitled to other benefits, see the DC section of the website for more details.
Case study
Harpreet dies at age 51. He had been expecting to receive an annual pension of £6,500 from the DB section at age 65, but the value of his pension at the time he died was £5,000. He leaves a partner, Awnee, who would receive:
A pension for life: based on half of the pension Harpreet was entitled to at the time of his death. So Awnee’s pension is £5,000 / 2 = £2,500 a year for the rest of her life.
This will increase in payment to help it keep pace with inflation (see pension increases for more detail).
A refund of Harpreet’s contributions to the Plan.
Nominating a beneficiary
Remember that it’s really important to let the Trustees know who you would like to receive any benefits when you die.
If the Trustees don’t have this information, or it’s out of date, this can lead to a delay paying benefits to your loved ones. That can add to the worry and upset for your family at a difficult time – so make sure you update your form to keep things running smoothly. You can update your beneficiaries by logging into the secure area of the website: Member Online