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14 March, 2018

Pension Death Benefits

No one lives forever - and increasingly in these days of pension freedoms, what happens to our pension fund after we've gone is becoming a more relevant question, and one that occupies the minds of a significant number of our clients.

There is no firm right or wrong as to what your choices might be in this difficult decision, but if it is important to you what happens to your pension after your death there are a few things you should do that make the outcome a little more certain.

You will no doubt know that making a will is a very important step; but if you have a previous partner, or children from a previous relationship this may not be enough to ensure that your wishes in respect of your pension are carried out.

We recommend that a nomination of beneficiaries form is completed for every scheme, this is a non binding recommendation to the Trustees of your pension to consider certain individuals as deserving of benefits, and it is the primary document that scheme Trustees will consider.  Without it all sorts of things can happen.

There was a recent Financial Ombudsman Service (FOS) decision where matters did not proceed in line with what was likely the desired outcome of the pension holder, and irrespective of the rights or wrongs of the matter, if you want your wishes to be followed it is vital that these are known and documented.

We have attached a copy of the judgement from the office of the FOS.

You can click here to send a message to check whether your nomination is in place.

Download the PDF >>>

by John Stirling

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