Late parent private (employer) pension

partridge19

My parent passed away aged 65 and had drawn their private pension and was receiving monthly payment.  There was no spouse and I am only child but non dependant. There was very large amount money in pension pot at time death and I was advised as non dependant not eligible for any of it. Have I been advised correctly? Thankyou

molerat

Quite probably. It all depends on the type of pension, the rules of the scheme and how long it had been in payment. 

If a defined benefit pension there is no pot but a guarantee to pay an amount for life usually with a guarantee period.  Outside of that there is nothing to leave.

More information is required.

partridge19

Thank you molerat I will explore further think drawn for at least 10years since aged 55 due to ill health at time parent recd a lump then monthly amount. 

Albermarle

https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/workplace-pension-schemes/defined-benefit-final-salary-schemes
It sounds like it is one of these type of pension schemes.
They pay out a guaranteed income until the recipient dies. After they die a reduced pension is usually paid out to a Spouse or dependent child. If neither of these apply , the scheme has normally no further liability to pay . In effect the 'saving' is used to help keep paying those pensioners of the scheme who are still alive .

partridge19

Thank you Albermarle

Zanderman

partridge19 said:

My parent passed away aged 65 and had drawn their private pension and was receiving monthly payment.  There was no spouse and I am only child but non dependant. There was very large amount money in pension pot at time death and I was advised as non dependant not eligible for any of it. Have I been advised correctly? Thankyou

If there was a 'pension pot' then it may not have been a defined benefit scheme.  As those don't have 'pots'.  They just have an income until death.
But from the rest of your description - being drawn for 10 years with an initial lump-sum and with nothing to pass on - it does sound like a DB scheme.
Your post suggests you think there was a 'pot' though?  Or is that a misunderstanding on your part?