Pension Payments after Death

tonynw

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

Marcon

tonynw said:

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

Depends on the pension scheme. Many DB schemes will pay to an unmarried partner living in a relationship 'akin to marriage' or where there is 'mutual financial dependency'. If your scheme doesn't do that, it's entirely up to you to decide whether or not to marry your long term partner - or to look at the possibility of transferring out to a DC arrangement. It's called freedom of choice.

With DC arrangements, it's up to the individual member to decide what death benefits should be 'bought' with their pot (if buying an annuity), or to whom any remaining funds should be paid if they were in drawdown at the time of death, or hadn't started to access their pot.

Brie

As Marcon has said....

but be aware that it can be difficult to impossible to transfer out of a DB scheme as they are normally excellent value.  

You may very well have an excellent reason for not getting married - still married to someone else for instance - in which case there's the potential that on death the DB scheme would pay to the legitimate albeit absent spouse rather than the person you choose to live with.  Of course if you are both free and unattached legally you may want to consider civil partnership as I believe any scheme would accept that as spouse equivalent.  But best to ask the scheme specifically.

tonynw

Marcon said:

tonynw said:

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

Depends on the pension scheme. Many DB schemes will pay to an unmarried partner living in a relationship 'akin to marriage' or where there is 'mutual financial dependency'. If your scheme doesn't do that, it's entirely up to you to decide whether or not to marry your long term partner - or to look at the possibility of transferring out to a DC arrangement. It's called freedom of choice.

With DC arrangements, it's up to the individual member to decide what death benefits should be 'bought' with their pot (if buying an annuity), or to whom any remaining funds should be paid if they were in drawdown at the time of death, or hadn't started to access their pot.

Depends on the pension scheme. Many DB schemes ??????

possibility of transferring out to a DC arrangement       ??????

DB   DC    what do you mean ??

Marcon

tonynw said:

Marcon said:

tonynw said:

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

Depends on the pension scheme. Many DB schemes will pay to an unmarried partner living in a relationship 'akin to marriage' or where there is 'mutual financial dependency'. If your scheme doesn't do that, it's entirely up to you to decide whether or not to marry your long term partner - or to look at the possibility of transferring out to a DC arrangement. It's called freedom of choice.

With DC arrangements, it's up to the individual member to decide what death benefits should be 'bought' with their pot (if buying an annuity), or to whom any remaining funds should be paid if they were in drawdown at the time of death, or hadn't started to access their pot.

Depends on the pension scheme. Many DB schemes ??????

possibility of transferring out to a DC arrangement       ??????

DB   DC    what do you mean ??

Defined Benefit
Defined Contribution

tonynw

Marcon said:

tonynw said:

Marcon said:

tonynw said:

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

Depends on the pension scheme. Many DB schemes will pay to an unmarried partner living in a relationship 'akin to marriage' or where there is 'mutual financial dependency'. If your scheme doesn't do that, it's entirely up to you to decide whether or not to marry your long term partner - or to look at the possibility of transferring out to a DC arrangement. It's called freedom of choice.

With DC arrangements, it's up to the individual member to decide what death benefits should be 'bought' with their pot (if buying an annuity), or to whom any remaining funds should be paid if they were in drawdown at the time of death, or hadn't started to access their pot.

Depends on the pension scheme. Many DB schemes ??????

possibility of transferring out to a DC arrangement       ??????

DB   DC    what do you mean ??

Defined Benefit
Defined Contribution

mine has been paying my pension for the last 5 yrs so i assume it is to late to transfer it anyway ?

Silvertabby

tonynw said:

Marcon said:

tonynw said:

Marcon said:

tonynw said:

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

Depends on the pension scheme. Many DB schemes will pay to an unmarried partner living in a relationship 'akin to marriage' or where there is 'mutual financial dependency'. If your scheme doesn't do that, it's entirely up to you to decide whether or not to marry your long term partner - or to look at the possibility of transferring out to a DC arrangement. It's called freedom of choice.

With DC arrangements, it's up to the individual member to decide what death benefits should be 'bought' with their pot (if buying an annuity), or to whom any remaining funds should be paid if they were in drawdown at the time of death, or hadn't started to access their pot.

Depends on the pension scheme. Many DB schemes ??????

possibility of transferring out to a DC arrangement       ??????

DB   DC    what do you mean ??

Defined Benefit
Defined Contribution

mine has been paying my pension for the last 5 yrs so i assume it is to late to transfer it anyway ?

Yes, once your pension is in payment, that's it.  If you do decide to get married, check your scheme's "post retirement marriage" rules so you know exactly how much your spouse would get in the event of your prior death.

Albermarle

tonynw said:

Marcon said:

tonynw said:

Marcon said:

tonynw said:

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

Depends on the pension scheme. Many DB schemes will pay to an unmarried partner living in a relationship 'akin to marriage' or where there is 'mutual financial dependency'. If your scheme doesn't do that, it's entirely up to you to decide whether or not to marry your long term partner - or to look at the possibility of transferring out to a DC arrangement. It's called freedom of choice.

With DC arrangements, it's up to the individual member to decide what death benefits should be 'bought' with their pot (if buying an annuity), or to whom any remaining funds should be paid if they were in drawdown at the time of death, or hadn't started to access their pot.

Depends on the pension scheme. Many DB schemes ??????

possibility of transferring out to a DC arrangement       ??????

DB   DC    what do you mean ??

Defined Benefit
Defined Contribution

mine has been paying my pension for the last 5 yrs so i assume it is to late to transfer it anyway ?

As above each DB pension scheme have their own specific rules on this type of issue, so you need to find a copy of the scheme rules, or ask them a direct question on the subject.

dunstonh

why when you have lived with someone for over 30years does you pension die with you but is only paid to your partner if you have been married, this is so wrong to force people to have to get married to retain pension payments to your partner in the even of your death. why o they only accept that spouse payments only made if you get married. 

To be clear, that is only the case with a certain type of pensions and not all pensions.   And the reason is obvious.

A defined benefit scheme is a range of defined benefits.  Those benefits cost money.  So, the scheme works out how much it costs and then charges the company.  The company then agrees how much members are going to pay into it.

DB schemes are generations old.  Back in the day when people got married and didn't "live in sin".

If you start increasing the benefits, the costs go up and members need to pay more.

HOWEVER, schemes do vary. Some have opened up the range of relationships they accept. Civil partnerships are accepted by all.   Some consider financially linked unmarried couples.   However, they need to be on guard for the 75 year old male who claims he has an 18 year old partner.

DB schemes are usually a lot better than the equivalent cost of a DC scheme.   So, if death benefits are a concern when you have  a DB scheme then take out a life assurance.  You will still be much better off in many cases.

McKneff

I understand all the answers are for private pensions but I am half thinking the OP ls talking about state pension

elouise01582

The state pension is not inheritable so it sounds to me like the OP was referring to a defined benefit pension and not the state pension or a personal/private pension.