defined pension plan

sheilavw

hi
My Husband paid into a pension from 1976 to 1991. Sadly in July last year he was diagnosed with MND which is terminal and passed away suddenly 3/7.
We had contacted the provider after diagnosis and they wrote back to say they had no ill health provision and he couldnt take any of it. When he worked for the company (Lucas) we had the paperwork and there was. It appears it is a defined benefit plan. It seemed to move companies a lot, because any correspondence was from different companies.
They said that he might be able to move it. We got a figure and Financial adviser started all the process for us. He had to obtain state pension benefits, a projection of my works pension etc.
We hadnt signed the final paperwork. It appears that I will only get a very small amount now?

Obviously I would rather have him than any amount of money but I am just checking this is the case.
I am not well up at all about this type of thing.

All the paperwork is with the financial adviser who I will have to pay a fee to at the end. (they did two home visits). I think the last thing he said was that they would write back and argue why he shouldnt take the money and we would then send a letter. It was then going to be invested in another company ( I think he said Royal London)

tacpot12

You are potentially loosing out on a valuable inflation-protected pension if you move if. How much of a spouses pension will it pay if you don't move it?

How much is the transfer value and what are the financial advisor's charges for their transfer advice, and what other charges will they make?

sheilavw

it was just short of 170k. the letter with this information said was he to pass i would get 3 thousand something one off pyt n 794 i think a year. because of his terminal illness we decided to move it but it wasnt completed

xylophone

Your husband had a deferred defined benefits pension with Lucas?

https://www.trwpensions.co.uk/ Is this relevant?

He obtained a CETV and then took advice from a pension transfer specialist about transferring out to a personal pension?

From what you have said the transfer wasn't even close to completion so that the pension is still within the DB Scheme?

You/your adviser will need to contact the administrator.

tacpot12

I think the best thing for you to do is check with the scheme what you will get now, and then check with the financial adviser if you can still transfer and what the transfer value will be now. I don't have enough knowledge about this but I expect the transfer value will be at least half what it was.

sheilavw

Thanks, no not even close to completion. The Financial Advisor had been to our home twice. I had signed some paperwork for state pension forcasts and obtained a forcast from my works pension. He is going to let the company JT? know what's happened.
He said after we signed the company would then write and argue why it would be best left where it was. My Husband made the decision to move it due to his terminal illness

xylophone

He said after we signed the company would then write and argue why it would be best left where it was.

I am puzzled by this.

See



http://www.pensions-expert.com/Comment-Analysis/What-are-trustees-responsibilities-when-it-comes-to-DB-transfers

Linton

Since the pensioner has died moving the DB pension is no longer relevent. What happens on death will be defined in the pension scheme rules. So I suggest you inform the employers pension scheme administrators of the death and they should explain the consequences for you and the pension.