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Irrevocable instructions? Help

Some years ago when setting up a small personal pension I gave what were stated to irrevocable instructions that any death benefit should go to my then partner of many years. He is now no longer my partner. Is there really nothing I can do to revoke those instructions? Is there any way out as I do not want him to benefit now.
K

Comments

  • mightymouse
    mightymouse Posts: 319 Forumite
    Part of the Furniture Combo Breaker
    Hi

    To be able to answer better-what is the pension fund value? is it now paid up? and is there any life cover still running or is the death benefit the value of the fund?.

    There are options but why not have a word with the Company concerned and ask them or an I.F.A.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    Koumyss wrote: »
    Some years ago when setting up a small personal pension I gave what were stated to irrevocable instructions that any death benefit should go to my then partner of many years. He is now no longer my partner. Is there really nothing I can do to revoke those instructions? Is there any way out as I do not want him to benefit now.
    K
    Changes are usually at the discretion of the trustees.

    Write to them and tell them of your changes.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Koumyss wrote: »
    Some years ago when setting up a small personal pension I gave what were stated to irrevocable instructions that any death benefit should go to my then partner of many years. He is now no longer my partner. Is there really nothing I can do to revoke those instructions? Is there any way out as I do not want him to benefit now.

    Very strange. You can't normally give "instructions" just "an expression of wishes". The reason for this is that any lump sum, on death, is distributed by the Trustees under a discretionary trust. In other words, the Trustees decide who gets the lump sum - so you can't instruct them where to pay it.

    Just ask them for a new "expression of wish" form and see what they say.

    I would challenge both the "irrevocable" and "instruction" part of the previous notification, as neither would be usual under the present trust law system, under which pensions operate (and have done so for very, very many years!).
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • dunstonh
    dunstonh Posts: 118,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I think it is a misunderstanding of terminology. For example it could be an occupational pension scheme, established by irrevocable trust or statute, which has been approved by the Pension Schemes Office of the Inland Revenue under the Income and Corporation Taxes Act 1988, s592.

    SIPPs are usually established under an irrevocable trust as well.

    The trust is one thing, the nomination of beneficiaries is something different.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Dunstonh - you may well be spot on with your thoughts :)
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
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