DC Pension and Nomination of Beneficiary

crv1963

Hi I have a couple of questions following a sad personal event.

1) Do you have to nominate someone to be a beneficiary in the event of your death if paying into a work place DC Scheme?

2) As above for a SIPP/ PP?

3) If the answer to the above is no, what happens to the pension savings in the event of your death while still in FT employment and pensions not in payment?

I appreciate the questions are a bit odd.

Linton

DC pension scheme trustees have the authority and duty to award any remaining unused funds after your death to anyone they deem appropriate - if no-one is deemed particularly appropriate the money would probably go to your estate. Trustees will normally follow your wishes if you had stated them. This is the same whether you are still in work or not.



For a DB scheme where there is no personal pot, what happens on early death should be stated in the scheme rules.

crv1963

Thank you Linton for your fast reply, hopefully the person who has died has nominated somebody to benefit, unfortunately we cannot find a will either but at least I've learnt very quickly some of the simple things to do and not do for those left behind.

campbell19925

crv1963 wrote: »

3) If the answer to the above is no, what happens to the pension savings in the event of your death while still in FT employment and pensions not in payment?

I appreciate the questions are a bit odd.

It is left to the discretion of the pension provider I believe. Usually left to spouse, failing that children etc.