What options are available to me?

Skinnydad

Good day folks, I am currently 57 and planning on tittering at 60. I will be in receipt of 3 pensions and I have a question that I hope can be answered without too much difficulty.

What options are available to me in

(1) The event that I die before I receive my pension


(2) If I die whilst receiving a pension


I want to leave everything I have in regards to my pensions to my spouse in the event of my sudden demise. If possible I’d like to tap the wealth of knowledge in this forum to obtain advice on what options are currently available to me and what is the best method of ensuring that I do not lose my money and avoid a hefty exit charge on taxes etc.

So in a nutshell I get what I get whilst still in the land of the living, but in the event of death transfer as much as humanly possible to my wife.

Thanks in advance..

AlanP_2

Others more knowledgeable than me will be along to help I am sure, but the answers will be influenced by the details of the 3 pensions you are going to get.

Defined Benefit or Defined Contribution/ Personal Pension?

Scheme Rules (if any) on dependants pensions?

Take an Annuity from some / all of them or draw down?

If annuity then can be single life (yours) or with a dependants pension but at a lower rate when you are both alive.

Lots of other points to consider as well I would think but the more information you have the better the comments you get will be.

xylophone

I am currently 57 and planning on tittering at 60

You'll have a good laugh?:rotfl:

What are the rules of your schemes concerning death in service/before drawing benefits?

Do any of the pensions carry widow's benefits?

Skinnydad

OK thanks Folks I'll check up what type 3 pensions are, the one I'm in at present is a stakeholder type pension (whatever that means) I think it is a DC but not sure. The other is a final salary and the 3rd is with the PPF. I'll need to confirm this to be sure. Re the rules do I need to ask the companies this as well as do they carry widow's benefits. Thanks again..

xylophone

Your final salary pension will almost certainly cover benefits for your widow.

Do you have a copy of the scheme booklet? Otherwise you might find it on the internet. If not, contact the Administrator.


By way of example, see page 14 of this http://www.civilservicepensionscheme.org.uk/media/94747/classic-scheme-guide2.pdf

A stakeholder is a type of personal pension and will be DC.
Here is an example http://www.scottishwidows.co.uk/pensions/stakeholder_pensions/faqs.html

What does the literature for your own scheme say?

PPF - this might be a starting point.http://www.pensionprotectionfund.org.uk/Pages/Compensation.aspx

xylophone

And you might find the HL booklet on the 2014 budget pension changes of interest?
https://www.hl.co.uk/partners/search/new-pension-rules-changes-2015?theSource=PCGSI&Override=1&adg=G+SIPPENI+BDG&gclid=COi23uCKksMCFSbHtAodO3YA2Q

Skinnydad

Thanks everyone i'll check this out and get back