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Ulster Bank Pension Scheme Death Benefit Lump Sum Nomination Form 1. Member details Name (in full) Date of birth National Insurance number Employee reference number 2. Your information Under the Rules

How to fill out lump sum nomination bformb

How to fill out lump sum nomination form?

1. Begin by obtaining the lump sum nomination form. This can usually be obtained from your employer or pension provider.
2. Carefully read through the instructions on the form to ensure you understand the requirements and guidelines for filling it out.
3. Fill out your personal information, such as your full name, address, contact details, and date of birth, in the appropriate sections of the form.
4. Provide details of the scheme or plan for which you are making the lump sum nomination. This may include the name of the scheme, scheme number, or any other relevant identification information.
5. Specify the person or persons who you want to nominate to receive the lump sum payment in the event of your death. This can be a spouse, child, or any other person eligible to receive the benefits.
6. Clearly state the percentage or amount you wish each nominated person to receive. You may need to indicate whether the distribution should be equal or in specific proportions.
7. If desired, you can also include contingent nominees who would receive the payment if the primary nominated person is unable to do so.
8. Date and sign the form to indicate your consent and understanding of the nomination. It may also require a witness signature depending on the requirements of the scheme or plan.
9. Ensure you make a copy of the completed form for your records before submitting it to the appropriate party. It's advisable to keep a copy for future reference.
10. Finally, submit the completed form to your employer or pension provider as instructed. They will process the nomination and inform you of any further steps or actions required.

Who needs lump sum nomination form?

1. Employees or members of pension schemes who wish to specify who would receive their lump sum payment in the event of their death.
2. Individuals who have a lump sum benefit option within their pension scheme and want to ensure their nominated beneficiaries are aware and accounted for.
3. Anyone who wants to avoid conflicts or confusion regarding the distribution of their pension benefits by nominating specific individuals and their respective shares.

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What is lump sum nomination form?

Lump sum nomination form is a form used to nominate a beneficiary to receive a lump sum payment from a pension or insurance plan upon the death of the policyholder.

Who is required to file lump sum nomination form?

The policyholder or plan participant is required to file a lump sum nomination form to designate a beneficiary to receive the lump sum payment.

How to fill out lump sum nomination form?

To fill out a lump sum nomination form, the policyholder must provide their personal information, the beneficiary's information, and the percentage of the lump sum payment each beneficiary should receive.

What is the purpose of lump sum nomination form?

The purpose of a lump sum nomination form is to ensure that the policyholder's desired beneficiary receives the lump sum payment from the pension or insurance plan.

What information must be reported on lump sum nomination form?

The information reported on a lump sum nomination form includes the policyholder's name, address, contact information, beneficiary's name, address, relationship to the policyholder, and the percentage of the lump sum payment.