what is the value of remaining pension payments being paid to the estate

yellowelise

Sorry one question on filling out the estimation of value for an estate I am stuck on.
Value of remaining pension payments being paid to the estate £x.xx
I dont understand what this means?

yellowelise

should have added that my father had a private pension and this will pay a reduced amount to my mother.

Alter_ego

If any payment was due at time of death this could be it. Part month etc.

Marcon

yellowelise said:

Sorry one question on filling out the estimation of value for an estate I am stuck on.
Value of remaining pension payments being paid to the estate £x.xx
I dont understand what this means?

If your father himself had an entitlement to any further pension payments from his private pension, then these would form part of his estate. If, for example, his pension was paid monthly in arrears and he died on (say) the 15th of the month, the estate would be due a payment covering 1st-15th of the month of death. Occasionally pensions can be paid at longer intervals than monthly - some are quarterly or even annual - so it's worth checking that his was indeed paid monthly.

If his pension was paid in advance, then the value you need to insert if £0.

Keep_pedalling

yellowelise said:

should have added that my father had a private pension and this will pay a reduced amount to my mother.

You need to be more specific as to the type of pension.  If it was a good old fashioned company defined benefit pension, then you do not need to declare it on the IHT forms, the same applies if he purchased an annuity.

yellowelise

thanks for your replies, I have put down more information
This is for the onlne HRMS esate estimation form
The question what is the value of remaining pension payments being paid to the estate
gives the following clarification; 
These are any private pensions that xxxxxx had. A private pension could be a personal pension or a pension from xxxxxxxx employer.
This does not include xxxxx state pension. 

As my father passed away on the 30th and his pension is paid in arreas then as I now understand there is no remaining pension to be paid thanks @Marcon

castle96

could even be guaranteed until month/year, as mine is, whether I am alive or not

Marcon

castle96 said:

could even be guaranteed until month/year, as mine is, whether I am alive or not

But the guaranteed part of your pension is likely to be paid as a lump sum on your death, with the recipients chosen by the trustees or managers of the pension scheme concerned, so isn't 'due to the estate'. Not always the case, but that's the typical scenario.

Marcon

Keep_pedalling said:

yellowelise said:

should have added that my father had a private pension and this will pay a reduced amount to my mother.

You need to be more specific as to the type of pension.  If it was a good old fashioned company defined benefit pension, then you do not need to declare it on the IHT forms, the same applies if he purchased an annuity.

You do if the pension/annuity was paid in arrears and the member died partway through a month (or whatever the payment period is). The entitlement for that outstanding part of the month would still be theirs, so part of the estate.

Malthusian

Marcon said:

But the guaranteed part of your pension is likely to be paid as a lump sum on your death, with the recipients chosen by the trustees or managers of the pension scheme concerned, so isn't 'due to the estate'. Not always the case, but that's the typical scenario.

If it's an annuity or defined benefit pension, it is more likely that any guarantee would be until a defined date (e.g. 5 or 10 years after the pension started) as castle96's is. It is common to put a guarantee period on annuities as they hardly make any difference to the starting amount and provide the consolation that the insurer won't get the entire pension fund if the member dies early. Lump sum protection is also possible for annuities but is rarer.

Defined benefit pensions also sometimes have a guarantee period that applies if the member dies within (e.g.) the first five years without leaving a spouse or anyone else to pay a survivor's pension to.

If we're talking about a pension in payment, then a lump sum payable on death would be more likely for a drawdown policy.