Do I need a Solicitor to write my Will? Complicated circumstances.

xylophone

Are you a deferred member (or a current member) of a Defined Benefit Pension Scheme?

bflare

xylophone said:

Are you a deferred member (or a current member) of a Defined Benefit Pension Scheme?

All I can tell you is that I started a pension with my workplace around 20 years ago. My employee contributed & so did I. We were then bought out by a larger company & my previous pension is now winding up. There is a lump sum left in that pension scheme. I am now contributing to another pension with the company who bought us out. Hope this makes sense? 

Edit: I think both pensions are Defined contribution plans.

bflare

Keep_pedalling said:

bflare said:

xylophone said:

Do I need a Solicitor to write my Will?

No, BUT

Complicated circumstances.

YES!

do  I need to appoint a trustee for my Death in service pension? Thanks. 

Presumably you have completed a Nomination form and sent it to the Administrators of your scheme.

It might be possible for you to  choose a friend or relative (or even the solicitor/his firm) as the Trustee of a Bare Trust for your son and name that person on your form of nomination.

However, this needs to be discussed with a solicitor expert in Wills and Trusts.

https://content.step.org/step-directory

The form I was sent by the pension company as the scheme is now winding up so it has been frozen is called a Discretionary Trust for Pension Policies. Within the form it asks me to complete a Trust Deed with beneficiaries & then an additional Trustee. So I was thinking of listing my Son as the beneficiary & then listing my close friend as the additional Trustee. I have to admit that I am completely baffled when it comes to these things. 

Being completely baffled is a very good reason to to speak to an expert.

Should I speak to a Solicitor & my Pension provider or just a Solicitor? 

p00hsticks

bflare said:

theoretica said:

You need to make it clear to the death in service (not through the will) if you do not want your son's mother to be trustee for this sum.

Even though we were never married? 

You may not have been married, but as the mother of the (potentially underage) beneficiary she would probably be the first choice to be trustee for the sum unless you indicate not.

bflare

p00hsticks said:

bflare said:

theoretica said:

You need to make it clear to the death in service (not through the will) if you do not want your son's mother to be trustee for this sum.

Even though we were never married? 

You may not have been married, but as the mother of the (potentially underage) beneficiary she would probably be the first choice to be trustee for the sum unless you indicate not.

I cannot let this happen given the current situation that my Son's Mother is in without going into detail. Lets just say that any money would not go to help my Son.  

xylophone

It seems to me essential that you should consult an appropriately qualified solicitor after you have obtained all the information you can from the Administrators of the Pension Scheme.

Take all relevant documents to your appointment (or send copies before a Zoom meeting).

In terms of the scheme that is winding up, what options have been offered to you? For example, were you offered the option of a transfer to your current pension scheme?

If you type  Winding Up - The Pensions Advisory Service into Google you can pick up a pdf which may be of interest.

Have you had to complete a Nomination Form in respect of your current pension scheme?

If so, the same problem arises?

I am wondering if it would be possible to name your friend and your son's sister as executors/Trustees of your will - your will could set up a bare trust for your son and the beneficiaries on the Nomination could be Mr AB and Ms CD as Trustees of Master John Bflare?

At all events, expert advice is necessary.

bflare

xylophone said:

It seems to me essential that you should consult an appropriately qualified solicitor after you have obtained all the information you can from the Administrators of the Pension Scheme.

Take all relevant documents to your appointment (or send copies before a Zoom meeting).

In terms of the scheme that is winding up, what options have been offered to you? For example, were you offered the option of a transfer to your current pension scheme?

If you type  Winding Up - The Pensions Advisory Service into Google you can pick up a pdf which may be of interest.

Have you had to complete a Nomination Form in respect of your current pension scheme?

If so, the same problem arises?

I am wondering if it would be possible to name your friend and your son's sister as executors/Trustees of your will - your will could set up a bare trust for your son and the beneficiaries on the Nomination could be Mr AB and Ms CD as Trustees of Master John Bflare?

At all events, expert advice is necessary.

The letter says: 
I am writing to you in connection with your membership of the above scheme which is in the process of winding ip.
I would confirm that your benefits, previously held by the trustee(s) under the scheme are now owned by you personally. This means Aviva can take instructions directly from you.
Your policy will retain the original policy provisions of your former scheme. It remains subject to the requirments of HMRC & DWP. A specimen policy is available on request, we will:

• report events relating to the policy & the scheme administrator to HMRC
• make statutory returns of information to HMRC
• deal with you directly in connection with the benefits available under policy.

Yes I have completed a nomination form for my current pension which was much more simpler & I basically just listed my Son & step daughter as beneficiaries. 
I have arranged a telephone consultation tomorrow with a well known solicitor. I have also emailed Aviva to ask their advice but the person I need to speak to is on leave until Wednesday.  

Mickey666

xylophone said:

Do I need a Solicitor to write my Will?

No, BUT

Complicated circumstances.

YES!

Ha!  My thoughts exactly.  Great summary. 

xylophone

I basically just listed my Son & step daughter as beneficiaries. 

But if your son were under 18 he could not give good receipt for the money - a Trustee for him would still be required?

You are concerned about a nomination for the death benefits under the old policy but it seems to me (on the basis that you  hope to survive to draw your pension )  you also need  to know about your options in respect of pension benefits. 

Have you been advised of the Transfer Value of the pension?

bflare

xylophone said:

I basically just listed my Son & step daughter as beneficiaries. 

But if your son were under 18 he could not give good receipt for the money - a Trustee for him would still be required?

You are concerned about a nomination for the death benefits under the old policy but it seems to me (on the basis that you  hope to survive to draw your pension )  you also need  to know about your options in respect of pension benefits. 

Have you been advised of the Transfer Value of the pension?

Pensions absolutely baffle me & the companies that I am dealing with do not appear to use the same terminology which makes it more confusing. The reason why I am more concerned over the old policy is because there is around 46k in there & only 8k in the new one. I am 42 years of age but after losing my Father 3 weeks ago after a short battle with Cancer it has really made me think that In needs to get things in place. My Dad had no will & as I am the only child & my Dad was divorced I had to deal with a lot of things that were extremely difficult & I do not want my Son to have to go through the same thing. I of cause would like to leave him any assets that I have as I am not married so my Son is my main concern. I would hate to think that any money would not go to my Son if I died before I retired. 
A letter I got from Aviva back in 2019 titled 'Statement of Preserved Account' tells me that the fund will remain invested to provide retirement benefits which becomes payable on my normal retirement date. I can choose to receive the pension as a guaranteed income, a flexible income, or one or more lump sums. No further contributions will be paid & the value of my fund on 31/03/2019 was £46,467. 
I am really sorry If I come across as totally stupid but as I say pensions literally baffle me.