What’s changing?
If you die before getting the money from your Collective Plan AVC account, there are new rules on who that money can be paid to. If you don’t have a “Dependant”, which is:
a spouse
a civil partner
a qualifying child (a child under 18 or up to age 23 and in full time education)
someone who is financially dependent on you or in a financial relationship of mutual dependence with you
someone who is dependent on you because of physical or mental impairment
The new rules state that the money in your AVC account could be paid to an “AVC Beneficiary”, which is:
any brother, sister, uncle or aunt of the Member (whether of the whole or half-blood)
any of the Member’s ancestors or descendants or those of his sisters, brothers, uncles or aunts (whether of the whole blood or half-blood), including any individual who is conceived, but not yet born
any child of the Member who is not a qualifying child at the date of the Member’s death
any beneficiary who is named in the Member’s will or who benefits under the rules on intestacy
any person who is identified by the Member to the Trustee in writing to receive the benefit of the Member’s AVC account on his death
Remember, this only applies to the money in your Collective Plan AVC account and is payable at the discretion of the Trustee. The rules on who can be paid benefits if you die have not changed for the main lump sum (including any lump sum booster benefits) and income for life sections of the Collective Plan.
Tell us who you’d like your AVC money paid to
If you have AVCs and think these new rules apply to you, please complete the Collective Plan AVC Beneficiary Questionnaire, then follow the instructions on the screen.