Death in service

LinLui

Marcon said:

LinLui said:

If this is anything like our death in service scheme, it is the pension fund provider who makes the decision. In the event of a dispute such as this, what they do is suspend the payment subject to a court ruling. You then get the opportunity to spend the lot and even more on fights in court, so the only people who inherit are the lawyers. It won't cost the younger sibling anything, because the action isn't against them - has to be against the pension fund holder - to force them to vary the person's nomination. So the costs will be funded by the three older siblings. 

Always dangerous to make assumptions based on just one personal experience. Sounds as if you are talking about a refund of the value of a personal pension plan rather than an actual death in service benefit.

It would be extremely unusual for an employer to take out life cover (which is what a true DIS plan normally is) and then let the insurer take the decisions on that.

No, I am talking about our death in service scheme which forms part of our occupational pension plan (common in the public sector). Broadly speaking, if we live until we retire, we get a pension. If we die in service our estate or nomination (if we have made one) get 3.5 times our annual salary as a death in service payment. If we die shortly after retiring there is some element of DIS paid, but I don't know exactly how that works.The scheme is managed by a board of trustees, and as a general rule they abide by the nomination if there is one unless it is frustrated (e.g. the person is dead or the organisation stops existing). If it's a family dispute they usually, as I said, suspend it and let the family slug it out if that is what they want to do, but that rarely happens. Public sector DIS is a routine "benefit" attached to our pension schemes and not life cover via an insurer. I am not sure what you mean by a "true DIS plan" since it is definietly a DIS scheme!

kimwp

LinLui said:

Marcon said:

LinLui said:

If this is anything like our death in service scheme, it is the pension fund provider who makes the decision. In the event of a dispute such as this, what they do is suspend the payment subject to a court ruling. You then get the opportunity to spend the lot and even more on fights in court, so the only people who inherit are the lawyers. It won't cost the younger sibling anything, because the action isn't against them - has to be against the pension fund holder - to force them to vary the person's nomination. So the costs will be funded by the three older siblings. 

Always dangerous to make assumptions based on just one personal experience. Sounds as if you are talking about a refund of the value of a personal pension plan rather than an actual death in service benefit.

It would be extremely unusual for an employer to take out life cover (which is what a true DIS plan normally is) and then let the insurer take the decisions on that.

No, I am talking about our death in service scheme which forms part of our occupational pension plan (common in the public sector). Broadly speaking, if we live until we retire, we get a pension. If we die in service our estate or nomination (if we have made one) get 3.5 times our annual salary as a death in service payment. If we die shortly after retiring there is some element of DIS paid, but I don't know exactly how that works.The scheme is managed by a board of trustees, and as a general rule they abide by the nomination if there is one unless it is frustrated (e.g. the person is dead or the organisation stops existing). If it's a family dispute they usually, as I said, suspend it and let the family slug it out if that is what they want to do, but that rarely happens. Public sector DIS is a routine "benefit" attached to our pension schemes and not life cover via an insurer. I am not sure what you mean by a "true DIS plan" since it is definietly a DIS scheme!

Same with mine (private sector)