Claiming my dads pension.
Options
DanEfx
Posts: 2 Newbie
Hey.
My dad passed away 3 years ago... Just found out he had a pension at the place where he worked years ago, that was in Newcastle which has now shut down.
I am wanting to claim the pension but dont know where to start. Please could somebody help me?
My dad passed away 3 years ago... Just found out he had a pension at the place where he worked years ago, that was in Newcastle which has now shut down.
I am wanting to claim the pension but dont know where to start. Please could somebody help me?
0
Comments
-
Pension Tracing Service . You would not necessarily be entitled to it though.0
-
Why wouldn't i be entitled to it?
I am his oldest son...0 -
It depends whether there was any facility within the Pension scheme for it to be passed on to next of kin. Quite often there is not.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
It depends on the pension scheme rules - some schemes have an option to nominate a recipient who is financially dependent on the pensioner, but they have to be financially dependent. For example, if I were looking after my father because he had no other means of income then I could nominate him as beneficiary to receive part of my pension were I to die.
On the other hand, just because I am his oldest offspring, that does not entitle me to any of his pension after he dies - and I wouldn't expect it.0 -
Pensions do not usually pass to adult children - only to a spouse or a co-habiting partner and then sometimes to minor children or adult dependant children (usually those who are incapacitated and dependant on parents for financial support). Otherwise, adult children are financially independent of their parents and therefore do not qualify to receive a "dependant's" pension (which is essentially what the spouse's/partner's/children's pension is).
If dad had retired and was receiving his pension, then it's likely there is nothing further payable. However, make the enquiries and post back here with the response if you need further advice.Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
If this pension was never claimed, then there could be a lump sum death benefit payable. The scheme will confirm this if you contact them.
An annual pension is unlikely to be paid to any children over 23, unless they were disabled. There could be a pension payable to any spouse though if he was married at death.0 -
a good reason not to bother with pensions is that often they cannot be left as inheritence (other than to spouse).Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0
-
"a good reason not to bother with pensions is that often they cannot be left as inheritence (other than to spouse)."
......... and why should a scheme be left to fund future generations of non financially dependent children/grandchildren/the milkman/next door neighbours cat?
You pay into a pension to provide retirement provision for yourself, and your spouse (though at retirement you can opt to provide a pension just for yourself). Benefits could also be provided for genuine dependants (eg children at school, disabled children).
If you die without a spouse, a lump sum benefit is usually paid, of the contributions and interest or investment returns. This is paid to family members, often under discretion avoiding inheritance tax.
If you retire, you can opt for your pension to be guaranteed for up to 10 years though this reduces your retirement income.0 -
......... and why should a scheme be left to fund future generations of non financially dependent children/grandchildren/the milkman/next door neighbours cat?
no reason. but if i've been putting money aside for most my life i'd like the option of deciding what happens to it after i'm gone. if it's in a pension i don't get this. if i've put it in property, ISAs, fine wine or whatever. in fact anything other than a pension, i can decide what happens to it.
the other thing with pensions is they only pay out a certain amount per year. so if i get diagnosed with a longterm illness that shortens my life i can't decide to go and blow it all on a world cruise or similar.
i don't like the inflexibitlity of pension schemes which is probably why i don't have one (other than the state one).Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0 -
no reason. but if i've been putting money aside for most my life i'd like the option of deciding what happens to it after i'm gone. if it's in a pension i don't get this.
If its a private pension, assuming you havn't taken the pension, they it forms part of your estate (less the tax relief) and can be left to whoever you like.
If its a final salary scheme then a death in service benefit and spouse/dependants pensions existthe other thing with pensions is they only pay out a certain amount per year. so if i get diagnosed with a longterm illness that shortens my life i can't decide to go and blow it all on a world cruise or similar
Ill health pensions pay out more, a terminal illness diagnosis allows a lump sum payment.0
This discussion has been closed.
Categories
- All Categories
- 343.7K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.8K Work, Benefits & Business
- 608.9K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards