Death in Service beneficiary
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Thanks everyone for your input, I will leave this to the trustees and take it from there.0
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It must be hard to be worrying about this when you are grieving the loss of a dear friend. As others have said the pension fund will decide. I was named in an expression of wishes for a pension lump sum, and when another beneficiary and I asked the fund to distribute it differently (for practical reasons, no disagreements between beneficiaries) it took them about 3 months to decide to go with the original expression of wishes.
If the family do challenge you can simply write to the fund explaining the nature of your relationship and your understanding of why your friend named you, so they can take that into account in making their decision.0 -
Thank you for your reply much appreciated. It's heart wrenching however also touched I was placed as a beneficiary. I know the child is more than catered for so if the decision still sits with me then I would do the right thing and take everyone he loved into consideration.0
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Everything to do with pensions! The majority of DIS schemes (even stand-alone schemes providing death benefits only) are technically pension schemes. Have a look at the Pensions Ombudsman's website for examples.
A much smaller number are established under different legislation, but even then TPAS is able to become involved (although in these cases, the DIS scheme is not within the remit of the Pensions Ombudsman).
You might want to check which sort of trust you are responsible for.
Nope. It is an insurance product, not a pension product.
Should the worst happen the insurers deposit the settlement in an account that we have established specifically for that purpose. In those circumstances myself and the other trustee decide to whom the money is paid.
As it has been some years since we set this up I checked with our brokers and they have confirmed that, as an insurance product, it comes under FCA regulation. Nothing to do with the pensions regulator.0 -
Sunflower2102 wrote: »Thank you for your reply much appreciated. It's heart wrenching however also touched I was placed as a beneficiary. I know the child is more than catered for so if the decision still sits with me then I would do the right thing and take everyone he loved into consideration.
What’s the right thing to you?
You don’t have to answer, i’m Just curious as tha5 s a very vague statement!!0 -
Sunflower2102 wrote: »Thank you for your reply much appreciated. It's heart wrenching however also touched I was placed as a beneficiary. I know the child is more than catered for so if the decision still sits with me then I would do the right thing and take everyone he loved into consideration.
That include his wife?0 -
That's not my decision to make as he was legally separated years ago.0
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Sunflower2102 wrote: »That's not my decision to make as he was legally separated years ago.
You never said he was legally seperated. That's quite important. It's almost as though you are not wanting to give the whole story.
If legally seperated I wouldn't be surprised if the pension doesn't 'automatically' go where you think.
Why legally seperate and not divorce..... Although not relevant in just wondering....
No one can comment accurately as we really don't have a clue what's going on.Forty and fabulous, well that's what my cards say....0 -
You never said he was legally seperated. That's quite important. It's almost as though you are not wanting to give the whole story.
If legally seperated I wouldn't be surprised if the pension doesn't 'automatically' go where you think.
Why legally seperate and not divorce..... Although not relevant in just wondering....
No one can comment accurately as we really don't have a clue what's going on.
The 'legally separated' bit is only really relevant for posts which are going down the "But.What.About.The.Children??!!" route - and completely ignoring the deceased's expressed wishes.
The original question seems to have already been answered - the trustees will decide.What would Buzz do?
I used to be Snow White - but I drifted.0 -
The 'legally separated' bit is only really relevant for posts which are going down the "But.What.About.The.Children??!!" route - and completely ignoring the deceased's expressed wishes.
The original question seems to have already been answered - the trustees will decide.
Completely agree re the original question, which was answered on page 1. However it went on 3 pages with further additional input and other 'additions' which weren't needed to the ops question but op gave anyway - not us, the op continued to post more not relevant to the original question.
Then posted they were legally separated. Again not relevant to the original answer 'trustees will decide'.
Of course people will respond to the additional information.
Being legally separated is completely different to living apart.
A case will be put to the trustees, the wife may have had a financial order in the legal separation, solicitors may have made claim on future situations like this. Being separated and legally separated will change the wife's claim.
So I go back to what I posted and no one can help advise as we don't know all the facts, to be told something new 3 pages in which could change the claim to the trustees just means there could be other stuff too. We just can't advise.Forty and fabulous, well that's what my cards say....0
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