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Private pension


My great uncle who died when he was 80 had never married and never had contact with any other family members I was his next of kin after his death dealt with funeral his bank and rented accommodation and benefits to inform them
He had his state and private pension which I contacted to inform of his death
Would I of been able to to get any of his private pension or did that die with him
Thanks
Comments
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Unlikely. Firstly, Next of Kin, is not, as many people believe, any kind of legal status. If your Great Uncle had the type of pension that had death benefits then the recipient would have been named in an 'Expression of Wishes' document and the pension company would have acted upon it. Given his age, the chances are that he had an annuity and that his pension died with him.0
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Would I of been able to to get any of his private pension or did that die with him
It would depend on the type of pension it was. If it was an annuity or scheme pension (which is likely given his age at death and the year we are in now) then it will usually die with him. There may be a guarantee period but the pension provider would automatically handle that upon notification of death.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Thanks for your response
Just seems a shame he paid in all them years for it0 -
angp68 said:Thanks for your response
Just seems a shame he paid in all them years for it
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I just meant if he had paid in and not got it all back and benefited himself for it to be just lost now
I paid for his plot and headstone and it would of been helpful but he's was worth it
Thanks anyway0 -
I just meant if he had paid in and not got it all back and benefited himself for it to be just lost now
How do you know he paid into it? At his age, he could have had access to defined benefit schemes which were non-contributory. If it was defined contribution and an annuity, then the annuity rate he would have got would have been much higher than that you can get today. He may have even had double digit guaranteed annuity rates.
at age 80 at time of death he could easily have got more out of than he paid in.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2
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