Father deacesed but not entitled to personal pension

Terron

dunstonh wrote: »

There is no product called private pension.

There used to be. On the documents for my first pensions it says "Private Pension Plan" on the outside. Probably that is not the technical name but it is certainly what the company (Norwich Union) called the product

Linton

Terron wrote: »

There used to be. On the documents for my first pensions it says "Private Pension Plan" on the outside. Probably that is not the technical name but it is certainly what the company (Norwich Union) called the product

Did it provide a death benefit?


What is it in modern terms - a personal pension or an employers pension or something else?

dunstonh

Terron wrote: »

There used to be. On the documents for my first pensions it says "Private Pension Plan" on the outside. Probably that is not the technical name but it is certainly what the company (Norwich Union) called the product

Maybe a marketing name but not a product name. Just like banks often call their fixed-term deposits "bond" nowadays. It doesn't make them a bond.

Some types of PPI call themselves income protection but proper income protection is called permanent health insurance. Marketing peeps would call them chocolate if they thought it would sell it more.

Terron

The marketing name is the product name as far as the customer is concerned, even if it was misleading, which I don't think it was. It fits the government's definition, but that is a bit confusing.



I believe the technical name for the type of pension is "retirement annuity plan". As I understand it "Personal pension plan" did not become a technical term until 1988, two years after I took it out. It has a 10'6% GAR so I have kept it.

Brynsam

Terron wrote: »

I believe the technical name for the type of pension is "retirement annuity plan". As I understand it "Personal pension plan" did not become a technical term until 1988, two years after I took it out. It has a 10'6% GAR so I have kept it.

Correct. Personal pensions weren't introduced until July 1988.

dunstonh

The marketing name is the product name as far as the customer is concerned, even if it was misleading, which I don't think it was. It fits the government's definition, but that is a bit confusing.

Marketing names confuse matters but it doesnt really make sense to extend the confusion.

I believe the technical name for the type of pension is "retirement annuity plan". As I understand it "Personal pension plan" did not become a technical term until 1988, two years after I took it out. It has a 10'6% GAR so I have kept it.

There are some S226 RACs that had the marketing name personal pension. Just to highlight another.

The OP is using the term private pension. However, the benefit payment method suggests a defined benefit scheme. So, prolonging the confusion over name isn't really helping anyone.