Passing on your pension .......

SallyG

The means of passing on your pension - given we're to be encouraged/enabled to do so - even unto the fourth and fifth generation - seems very flimsy - relying entirely on the pension provider to get it right?
This and other cases are worrying:-
https://www.pensions-ombudsman.org.uk/determinations/2014/po-2753/the-centre-parcs-group-pension-scheme/
"The reason that the nomination form was not traced at the time that the death benefit decision was being made was because it had been indexed to the wrong department when it was received in 2007. It was only when they received a call from the Applicants’ mother on 12 November 2012 that a more thorough search was conducted across all areas of the company and the form was then found. They have apologised for the oversight and have taken steps to prevent a recurrence."
Is there any other way of officially recording where you want your DC pension to go as well as the expression of wishes/nomination of beneficiaries form - some extra document lodged with someone other than the provider, that the provider will have to comply with - to guard against the likely event the provider will get it wrong?

greenglide

In the vast majority of cases it will be "obvious".

If it isn't then the member needs to ensure that relatives and friends know what they want, they can put it in their will and lodge a document with their solicitor stating want their wish is.

And, of course, they will never know who it actually goes to!

jamesd

Such wishes can be copied in documents associated with a will. The copies will not have the force of the originals but can provide supporting evidence of intent for the trustees and that there is a document that should be findable. Friends Life did ask whether it was known that such a document existed but were told no by one of the children when filling out the relevant form. When the mother contacted them they carried out a more thorough search that found it.

Friends Life got this wrong and will now presumably have paid the price, having to pay out more than they would have had to pay out if they had got it right initially.