You typically have three savings accounts, and your savings will be disbursed to your beneficiaries as follows: 

Retirement savings 
If you have not received the full amount of your retirement savings, your beneficiaries will receive the remaining amount. The payout is tax-free. 

Annuity pension 
If you have not received the full amount of your annuity pension savings, your beneficiaries will receive the remaining amount. The benefits will be disbursed as a lump sum. 

Lifetime pension 
Your lifetime pension scheme is comprised by a Pension Guarantee, which typically covers a period of ten years after the disbursement of benefits has started.  

This means that your beneficiaries will receive the rest of the benefits you were to receive during the period covered by the Pension Guarantee. The benefits will be disbursed as a lump sum. 

Your beneficiaries will not receive the part of your lifetime pension savings that is not comprised by a guarantee.   

You can opt out of the Pension Guarantee. This may be a good idea if, for instance, you are unmarried and do not have any children, as your amount of benefits will be higher.  

State and estate taxes 
Your annuity pension and lifetime pension savings are subject to 40% state tax, which we will deduct before disbursement. If your savings are subject to estate tax, this will also be deducted from all disbursements.