Expression of Wish Advice

Buster1874

Hello. I have just started a new job and was given an expression of wish advice form to fill in for a new pension scheme. I have three grown up children from my first marriage and a second wife (who has her own pension as well from her career). I'm a bit torn as to the most fair way to spilt my pension on the EoW form. Can anybody offer advice? Thanks.

chesky

We don't know any of the people. Involved. Why don't you just do what you think would be fairest - like you would do when you're writing your will. I hope you have written a will.

Also remember that, in the end, the final decision on who gets the pension is actually taken by the pension trustees and they don't have to abide by the wishes, particularly if there is a challenge.

System

Hi

It is not normally your pension, but any death benefits within the scheme.

EG: Survivor's pension is paid to the survivor.

You may have a death benefit of 3 x Salary to be divided up. It may be the balance of any guaranteed minimum term, that is you are guaranteed 5 years worth of payments. AAND if you only 6 of the 60 are paid, then the balance of 54 are your Death Benefit (if all 60 are paid then the balance is £0.00).

Obviously the Death Benefit can be to the Local Cats Home, Church or Chariddy if you so wish, with the discretion of the scheme administrator.

Malthusian

Have you asked your wife what she feels? Does she think she would be adequately provided for on your death?

Do you have a mortgage or other liabilities which would need to be paid off in the event of your death? Do you have existing life insurance to cover these?

Does your wife consider your children family or is it likely that on your death she would have little further contact with them?

chesky wrote:

Also remember that, in the end, the final decision on who gets the pension is actually taken by the pension trustees and they don't have to abide by the wishes, particularly if there is a challenge.

This is true, and a condition of the payment being outside your estate and free of Inheritance Tax. But it is very rare for the trustees to not follow the member's wishes, and the OP really only needs to worry about this if he lets his nomination get out of date (e.g. he divorces but leaves his now ex-wife on the nomination).