Teachers' AVCs death benefit

Legacy_user

Apologies if this is in the wrong place... (it didn't seem appropriate for the probate section - at least, not yet:eek:)

I note with interest that the most recent literature from the Prudential, who provide teachers' AVCs, now includes a note about the funds paid out on death, should they not have been cashed or otherwise drawndown etc. As far as I knew the funds would be paid to a nominated beneficiary (not being married or in a civil partnership, this seemed a good way to provide for my partner, if necessary), but now the funds are paid to the 'personal legal representative' viz executor.

I wasn't aware such a change had occurred; it could make quite a difference for an intended nominee, who now may receive only a part of what had been formerly intended (if there are other beneficiaries of the will).

I daresay, being a truly uselessaver, that everyone else knew about it but me...

xylophone

http://www.pru.co.uk/pdf/TAVK0789.pdf

Could you transfer the AVC to a SIPP and nominate your partner as beneficiary?

System

Cheers, xylophone, I daresay I could transfer, but hoped to leave the funds where they are for the present, as last year they gained about 7.5% over the previous year (that is, I thought considerably more than I'd get elsewhere...?). I have a copy of that particular info from the Pru- it's how I found out about the change.
I'll consult my solicitor about alterations to my will; after all, accidents can happen

jem16

uselessaver wrote: »

Cheers, xylophone, I daresay I could transfer, but hoped to leave the funds where they are for the present, as last year they gained about 7.5% over the previous year (that is, I thought considerably more than I'd get elsewhere...?).

It's not the Prudential that's making the money but the investment fund/s you are using. Using the same ( or similar ) fund/s with another provider would make exactly the same.