Does my Wife Get My Full Pension if I die?

Marcon

Flugelhorn said:

Most DB pensions are round about half but they all vary - none of them pay 100%

I'm not surprised you've not come across one - they are pretty rare! - but I've seen more than one where  the member can pay extra contributions to secure additional benefits for a surviving spouse - including rates of 'extra' contributions which would secure a 100% spousal benefit.

michaels

Marcon said:

Flugelhorn said:

Most DB pensions are round about half but they all vary - none of them pay 100%

I'm not surprised you've not come across one - they are pretty rare! - but I've seen more than one where  the member can pay extra contributions to secure additional benefits for a surviving spouse - including rates of 'extra' contributions which would secure a 100% spousal benefit.

I can 'allocate' by giving up about 10% of my pension to give DH 100% (actually only need to give up about 7% as she already gets 35% by default).  Problem is this can only be done once pension is put into payment which leaves a gap in spouse provision between retirement date and pension date if I should predecease.

35har1old

williamc10 said:

Hi, my wife's mother only received half of her husbands workplace pension after he died - is this normal? I have a number of workplace pensions that I want to ensure don't have similar terms - to everyones knowlege, are the lump sum and monthly pay amounts the same to the spouse of the deceased person's pension, or do payments reduce on death please? 

 Was it a final salary pension
It can be 50 percent of first year pension not the current payment amount.
I don't think you can alter the terms of work place pension 
You may be able to ask for a lump sum payment to be transferred to a income draw down.
But you do have to go through a finical adviser who will want there pound of flesh and they have to access wither you suitable for such a scheme. 
If successfull this gives you more flexibility and i think the surving spouse retains the money in the fund tax free

35har1old

Ayr_Rage said:

Flugelhorn said:

Most DB pensions are round about half but they all vary - none of them pay 100%

Oh yes they do @Flugelhorn and @What_time_is_it !

My wife would receive my whole pension entitlement for 10 years and 2/3 thereafter and that amount is what would have been my full pension disregarding the fact I took the maximum tax free lump sum.

@williamc10 you'll need to check each scheme as to what they pay.

If you survived for a 11 years her pension would be 2 thirds at that stage is that correct approx 46k
What does the cease date refer to ?
Does cpi stop

Ayr_Rage

35har1old said:

Ayr_Rage said:

Flugelhorn said:

Most DB pensions are round about half but they all vary - none of them pay 100%

Oh yes they do @Flugelhorn and @What_time_is_it !

My wife would receive my whole pension entitlement for 10 years and 2/3 thereafter and that amount is what would have been my full pension disregarding the fact I took the maximum tax free lump sum.

@williamc10 you'll need to check each scheme as to what they pay.

If you survived for a 11 years her pension would be 2 thirds at that stage is that correct approx 46k
What does the cease date refer to ?
Does cpi stop

Yes, she would get £46,857.20 and as with all scheme pensions an annual increase in April based on RPI from the previous January.

The Variable Pension Addition is paid from when I took my pension (56) until my State Pension age, the Cease Date.

The VP option ensures a roughly level pension before and after SPA and is CPI linked.

Marcon

Ayr_Rage said:

Yes, she would get £46,857.20 and as with all scheme pensions an annual increase in April based on RPI from the previous January.

Not all scheme pensions work that way. Some very old ones have no increase to pensions in payment; others have increases from a different date in the year and/or based on a different measure of inflation.

Remember that a lot of people using this site are pension novices, so getting these things right is particularly important, to avoid misleading them.

Ayr_Rage

@Macron the post you quoted was an answer to a specific question, I was referring to all my scheme pensions, members and spouses, not a generalisation

I refer you to the last line of my post at 6:37 pm yesterday !

@williamc10 you'll need to check each scheme as to what they pay.