If you are contributing to Pace DC when you die, a life cover lump sum is payable of either 1 x Salary (if you pay 3% or less), or 3 x Salary (if you pay 4% or more). Co-op is proposing to change the levels of life cover so that you would get 1 x Salary if you pay 4% or less, and 2 x Salary if you pay 5% or more.
Everyone who works for Co-op has life cover which will pay a lump sum of 1 x your Salary (or £5,000 if more) if you die while in employment with Co-op. This life cover is not changing.