Expression of Wish Form...

SeatIbiza

Hi,

My Mum passed away in May 2024 at the age of 68. When dealing with her affairs, I contacted her private pension company to inform them. I was told that my Mum had done an expression of wish form listing me (I'm her only child with no other surviving family members) to be told casually "oh it was done a while ago so nothing will be paid out". I have recently discovered her paperwork from 2013 stating me listed as the beneficiary which she had done in 2010. My Mum was under the impression that all was sorted and I would receive whatever on her passing. Was I just being fobbed off by the pension company or is there such thing as an "out of date" expression of wish form? As far as my research has taken me, it just says you need to update if things change but nothing had! Many thanks.

Mark_d

An Expression of Wish Form gives guidance to the Trustees who they should pay out to. It doesn't get outdated as such but if the Trustees have reason to believe that your Mum's wishes changed in her later years then they might have grounds to pay out other than as specified in the Form.

Did your Mum remarry, or something like that, since completing the Form in 2010?

molerat

It all depends on precisely what type of pension it was.  It may have been an annuity with a guarantee period.  The expression of wish is unlikely "out of date" but the timescale under which there would be a payout could be. How long had the pension been in payment ?

dunstonh

to be told casually "oh it was done a while ago so nothing will be paid out". I have recently discovered her paperwork from 2013 stating me listed as the beneficiary which she had done in 2010

Length of time is not an issue unless circumstances change.  

If the pension still exists and there is a fund value, then you would expect a payout.    If the pension was converted to an annuity (perhaps in 2010) then you would not expect a payout as guarantee periods back then were 5-10 years.

So, does the pension still exist or was it converted to an annuity?

Marcon

dunstonh said:

to be told casually "oh it was done a while ago so nothing will be paid out". I have recently discovered her paperwork from 2013 stating me listed as the beneficiary which she had done in 2010

Length of time is not an issue unless circumstances change.  

If it's an old EOW form, then the length of time which has elapsed between a member completing it and the form being pressed into service can be an issue even if circumstances haven't changed. Trustees need to carry out an appropriate amount of due diligence and if the form is elderly, it gives them more work to do in terms of checking what, if anything, has changed since the form was signed - and that adds to the time they need to take. That's why it is helpful for members to 'update' their form at regular intervals, even if the only thing that changes is the date of signing.

Tommyjw

It could be a DB pension in-payment, if so it's likely there was a 5 Year Guarantee attached that has now ran out and so no lump sum is payable anymore, and they have just done a poor job explaining it