Deceased Dads Pension Pot

mrs.butler

Hi,


Looking for some help in regards to collecting my Dads pension pot. Not sure if this is the right forum.


He unfortunately died last month, and he had mentioned that he had a pension dating back to the late 70's when he worked for the Co-Op, but didn't think there was much in it.


A Yearly Pension Policy Statement from Royal London arrived today, and its value is quite substantial.
We obviously have his will, which leaves everything to my Mum, and a copy of the death certificate.



Will we need anything else to proceed? Is it simply a case of ringing the company, and explaining the situation?


Sorry for my naivety!!

cloud_dog

Sorry for your loss.

I think posters are going to need some more specific information in order to offer appropriate guidance.

For example was it a defined benefit (final salary) scheme, a personal pension or some other section with guaranteed benefits?

If it was an older style DB scheme then a) you may have lost the 'pot' value but b) your mother may be entitled to a spouses pension. Young dependant children may also be entitled to something.

How old was your father when he passed?

HappyHarry

Sorry for your loss.

If it's with Royal London and of significant value, then it's likely to be able to pass on to your mother.

Call the number on the statement, explain the situation, and Royal London will help you with the next steps.

kazwookie

Ring them, and explain about your father passing, as ask them for advise.

Sorry for your loss

mrs.butler

[QUOTE
For example was it a defined benefit (final salary) scheme, a personal pension or some other section with guaranteed benefits?

How old was your father when he passed?
[/QUOTE]



It is a personal pension, that I have just noticed it was started on the 6th April 1989, so I was completely out on dates. This was two years before he married my Mum, so she would not be a noted beneficiary.


Cant find a lot of information but its says it is a personal pension, formerly contracted out of SERPS/S2P. It says it has a Guaranteed Annuity Rate


He was just 63. It states a figure that would have been paid if he died on his 63rd birthday, and he died 16 days later.:(

mrs.butler

kazwookie wrote: »

Ring them, and explain about your father passing, as ask them for advise.

Sorry for your loss

Thank You.

kidmugsy

mrs.butler wrote: »

Cant find a lot of information but its says it is a personal pension, formerly contracted out of SERPS/S2P. It says it has a Guaranteed Annuity Rate


He was just 63. It states a figure that would have been paid if he died on his 63rd birthday, and he died 16 days later.:(

Condolences.

I suggest that your mother should be interested in two possibilities.

(i) Unless your father nominated someone else it's very likely that the trustees of the pension will decide to pay out to your mother. As I understand it she must request the payout within two years of your father's death so that she gets it tax-free. Such a payout is not part of your father's estate so the pension company won't need to wait for probate.

(ii) She should also ask about the guaranteed annuity rate. If that same rate is available to your mother it might be very good value. So she should ask whether an annuity too would be tax-free.

I know it's lousy having to make decisions when you are stricken by grief, but if the sum of money really is large she might well want to talk to an Independent Financial Adviser. He should be able to explain the pros and cons of lump sum versus annuity, and - if she opts for the lump sum - how best to invest it.

xylophone

You have also checked that your father did not have any other pensions?