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Inherited pension
Sterlingtimes
Posts: 2,573 Forumite
If a person inherits a pension, does the inherited pension (all taxes paid) absolutely become an inseparable part of the beneficiary's pension, with all of the benefits and incumbrances that that would bring about?
I have osteoarthritis in my hands so I speak my messages into a microphone using Dragon. Some people make "typos" but I often make "speakos".
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If you mean if you had a pension with Aviva or were in the LGPS then no the inherited pension would not become a part of that. Whether it would be a pension at all or simply a lump of cash for you to invest I don't know.
(interesting to see your note about making "speakos". you seem to be managing it very well.)I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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No completely separate. You can drawdown an inherited pension at any age, for instance.2
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Thank you, Brie. That may be what I was intending to ask. Is it a pension at all or just a lump of cash? Presumably, the "lump of cash" is taxed in the same way as a pension.Brie said:Whether it would be a pension at all or simply a lump of cash for you to invest I don't know.I have osteoarthritis in my hands so I speak my messages into a microphone using Dragon. Some people make "typos" but I often make "speakos".0 -
That makes sense, thank you. So, is the completely separate inherited money a beneficiary's pension?zagfles said:No completely separate. You can drawdown an inherited pension at any age, for instance.I have osteoarthritis in my hands so I speak my messages into a microphone using Dragon. Some people make "typos" but I often make "speakos".0 -
For the basics see What happens to my pension when I die? | MoneyHelperSterlingtimes said:
That makes sense, thank you. So, is the completely separate inherited money a beneficiary's pension?zagfles said:No completely separate. You can drawdown an inherited pension at any age, for instance.
What Happens To My Pension When I Die? | HL
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Thank you, Zagfles. This helps. My wife could inherit my crystallised drawdown SIPP, put that pension in her own name, and continue to draw down immediately. It would then appear to be entirely separate from her own. When my wife dies, the pension could be subject to IHT, but my son could transfer the remainder into his name and continue to draw down if he elects to do so.zagfles said:
Are a beneficiary's own pension and inherited pension additive in any circumstances? E.g. the £1,073,100 limiting factor.I have osteoarthritis in my hands so I speak my messages into a microphone using Dragon. Some people make "typos" but I often make "speakos".0
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