After Death, Do company pensions stop? (which come the diseased bank account)

Danny_G

Somebody is having some serious health issues, and there are some concerns that they might not make it next year.

But he is retired and his pension from he company he worked for (for 30 years) is a big sum, the pension provides on a monthly basis.

(they worked for a big common UK company)

Just wondering if the worse comes, and next year they don’t make it, will their work pension stop?

or it depends on the terms & conditions of the pension??

or it definitely will?

or there are ways to keep it coming after/if they pass?

(keep it comming to his wife/ letting it get passed on to his wife)



and any other way to keep it, or have these amounts of funds

(as if this pension amount stops, then there will be a huge - in the monthy input of ££)

molerat

It may end, there may be a 50% widows pension, different % widows pension depending when marriage took place, child in education pension, 5 year guarantee. It all depends on the scheme, you need to ask the scheme administrators / read the booklet. There will be no way to change the rules.

dzug1

It will certainly end.

Whether it wil be replaced by a widow's or other pension will, as molerat says, depend on the scheme rules

Jane_gs

dzug1 wrote: »

It will certainly end.

Whether it wil be replaced by a widow's or other pension will, as molerat says, depend on the scheme rules

so it will end, but the funds comming in can 'carry on' in a different form/scheme.

dunstonh

so it will end, but the funds comming in can 'carry on' in a different form/scheme.

Depends on the type of pension. A defined benefit scheme will usually have a spouse or dependent pension. If it is an annuity then it will depend on what annuity options were bought when the annuity was purchased.

xylophone

And see here for state pension/bereavement benefits. http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/Basicstatepension/DG_10026707

Danny_G

Is state pension the SAME as a company pension? (eg Bt or PC World company pension - if you work there, ?

or State pension is one thing

and a company pension is another thing? = hey are 2 completely different things?

HellsGranny

State Pension is the one you pay into during your working life in the form of National Insurance.

Company Pensions are run for and behalf of the company you work for and are an additional pension, the rules and benefits depend on the Plan your company chooses to run for their employees, and the Insurance company which deals with it.

Hope this helps.

Cheers, HG