Advice on Dad's pension.

memobility

I hope i can get some advice on my late dad's pension My dad passed away November 12, he had been paid a monthly payment of £138,the pension he had was a Talisman Group Pension, on trying to obtain this pension payout which my dad was sure he was due on death i have been told by scottish life that both policies have nothing left to pay out from, and told that because dad died at 72 and took his pension at 65 and had received it for 6.8 years there is no reason why this should be paid after the first 5 years are up? to add insult to it all the advisor went onto tell me that the policy was worth £30000 in 2005 and to my reckoning dad has had £11000 over the period of 6yrs 8 mnths of his retirement pension does anyone think i have a chance at getting any of this money back as i know my dad thought we were covered in the event of his death and quite frankly i'm really angry for him and mom in the fact that they have been sold this lie and for him to die believing his family were to be looked after on the event of his death in life my dad went through enough suffering with his cancer for no good to even come from after his death so angry.

hcb42

Hi, you dont give much away about dad's dependent (spouse/child dependents) etc, but in my experience this is the norm, my Dad died at 70, and when I contact the pension company, I was also told there was nothing due. I expected this of course, had read the paperwork etc.

It is a risk of course, investing in pensions, had he lived until he was 95 he would have had his money's worth (figuratively speaking, I haven't actually done the math there..) it has also made me think twice about where I leave my money (beyond maxing out any employer contributions)

Sorry for your loss. But I do wonder if they were lied to, or if they have made some assumptions as the documentation is clear. Is your Mum still alive?

memobility

Yes, mom is still alive in her 70's to and i'm an only child i and thanks for your kind words i have read all through the paper work and can find nothing with all this written on-on the event that you claim 5 years past pensionable age you get nothing! i have all the paper work describing death payment and value not death in service payment i have a works pension my self and understand that would have been a different kettle of fish for all concerned just my dad was a manager and he was a very clued up man to be sold just anything which is why i'm rather like a dog with a bone on this as i'm finding it hard to take all in as he was so positive he would have a payout on death.

jem16

memobility wrote: »

Idoes anyone think i have a chance at getting any of this money back as i know my dad thought we were covered in the event of his death and quite frankly i'm really angry for him and mom in the fact that they have been sold this lie and for him to die believing his family were to be looked after on the event of his death in life my dad went through enough suffering with his cancer for no good to even come from after his death so angry.

I'm sorry about your loss.

When an annuity is set up, you have a choice of whether it's single life or joint life. You also have a choice of whether or not there is a guarantee for a number of years. All of these affect the annuity rate.

It sounds like your Dad chose a single life annuity with perhaps a 5yr guarantee so yes it's correct that there is no payment to be made to either your Mum or yourslef.

Did you Dad take advice from an IFA at the time of setting up the annuity or did he just accept a quote from the pension provider?

noh

If he died before drawing the pension your mother or a nominated benificary would have been able to receive a lump sum equal to the value of the fund.
It sounds like he has purchased a single life annuity with the fund. This will cease payment on his death or after a preset guaranteed period.
If he had purchased a joint life annuity you mother would continue to receive an agreed percentage of the amount that was paid to your dad.

You need to find the paperwork associated with the purchase of the annuity. That is seperate thing to the pension fund.

memobility

jem16, thanks for your kind words and reply, i can see what your on about yes it was single life they told me that on the phone today and i'm sure ive seen that on paper work concerned i have been through so much its all such a bluer and no he would not have received advice IFA he would have just gone with the provider from what my mom tells me it would have been through work perkson's limited and he would have gone along with the who ever there pension was as they do get sold on dont they do you think i have a good case he was miss sold or things were not carried out as he was explained because i know he was 100% positive on his pension payment so frustrating.

jem16

memobility wrote: »

do you think i have a good case he was miss sold or things were not carried out as he was explained because i know he was 100% positive on his pension payment so frustrating.

As it appears he didn't take advice, he cannot claim to be missold as it looks like it was all his decision I'm afraid.

This is one of the main reasons why seeing an IFA to arrange an annuity is always the best option. Usually you can get a better rate, it doesn't cost you anything extra and you have that all valuable consumer protection.

Sorry to be the bearer of bad news but unless he took advice and was wrongly advised you don't have any hope of changing it.

McKneff

noh wrote: »

If he died before drawing the pension your mother or a nominated benificary would have been able to receive a lump sum equal to the value of the fund.
It sounds like he has purchased a single life annuity with the fund. This will cease payment on his death or after a preset guaranteed period.
If he had purchased a joint life annuity you mother would continue to receive an agreed percentage of the amount that was paid to your dad.

You need to find the paperwork associated with the purchase of the annuity. That is seperate thing to the pension fund.

This is my understanding too, it seems pretty logical and your dad took the logical route.

The lump sum you talk about is what your mum would have got if he had died before he took his pension.

You really have no where to go with this.

And you all have my condolences.

memobility

Thanks Everyone for your kind words and replies seems like dad's pension is finished and thanks for all your help.