My children get
Final Salary
Under Final Salary your Dependent children can receive allowances on your death.
- This allowance is calculated as one-sixth of the basic pension you would have received based on the years, months and days that you have been in the Scheme plus half the time remaining between the date of your death and your selected Normal retirement age (Option 55 elections are ignored for the purposes of this calculation)
- If you leave BA before retiring, the allowance will not include the service between the date you left BA and your selected Normal retirement age.
- Your children qualify up to the age of 16 or up to the age of 23 as long as they are in full time education/vocational training (or in the case of a child who is seriously incapacitated for as long as they are unable to earn a living up to age 23). Allowances are usually paid to the surviving parent or legal guardian until a child reaches 18 years of age.
- Only two allowances are payable. However, the Trustees will spread the payments to more than two children if applicable. For example, if you have three Dependent children, allowances of £1,800 a year each payable to two children would be split into allowances of £1,200 a year payable to three children.
- If you have paid for a Spouse or partner pension but no such pension is payable on your death, each children's allowance will be trebled for the period you have been paying for spouse or partner cover.
- Remember if you work part time we use your full time equivalent salary and your part time service in the Basic pension calculation.
BAMPS
If you die while still working for BA, your children may be eligible to receive a Lump sum if you nominated them instead of your spouse or partner.
If you are a deferred member, when you die your children may be eligible for a Lump sum if you nominated them.
If you die after retiring, your Dependent children will receive any death benefits you arranged at retirement.