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Pension on death

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Comments

  • dunstonh
    dunstonh Posts: 121,163 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Thanks for input.  The EOW had name, relationship, contact number (maybe address) and percentage amount. 
    That is the old way (still used by many).    Many pension schemes allow you to give written instructions and scenarios where you would like it different or provide your rationale.    It helps the trustees understand the selection and reasons.     e.g. 2 children but only 1 is the beneficiary.   Old way says child A -100%.     Trustees are left to guess the reason and wonder if it was accidental or vindictive and it allows child B to challenge it.    Whereas a written explanation could be that child B is a higher-rate taxpayer and child A is a non-earner, and there is more value in having child A receiving the pension and child B receiving an equal amount from other investments  (insert any explainable differences to let the trustees know)

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • doodling
    doodling Posts: 1,350 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Hi,
    dunstonh said:
    Thanks for input.  The EOW had name, relationship, contact number (maybe address) and percentage amount. 
    That is the old way (still used by many).    Many pension schemes allow you to give written instructions and scenarios where you would like it different or provide your rationale.    It helps the trustees understand the selection and reasons.     e.g. 2 children but only 1 is the beneficiary.   Old way says child A -100%.     Trustees are left to guess the reason and wonder if it was accidental or vindictive and it allows child B to challenge it.    Whereas a written explanation could be that child B is a higher-rate taxpayer and child A is a non-earner, and there is more value in having child A receiving the pension and child B receiving an equal amount from other investments  (insert any explainable differences to let the trustees know)

    I didn't realise that schemes were adopting that very sensible approach.

    I've had to put a split of 99% to my wife and 1% to my son on the EoW's from my schemes in the hope that they will infer that if both my wife and I have died then I want my son to receive it all - it would be a lot easier if I could write that explicitly!
  • Marcon
    Marcon Posts: 15,825 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    doodling said:
    Hi,
    dunstonh said:
    Thanks for input.  The EOW had name, relationship, contact number (maybe address) and percentage amount. 
    That is the old way (still used by many).    Many pension schemes allow you to give written instructions and scenarios where you would like it different or provide your rationale.    It helps the trustees understand the selection and reasons.     e.g. 2 children but only 1 is the beneficiary.   Old way says child A -100%.     Trustees are left to guess the reason and wonder if it was accidental or vindictive and it allows child B to challenge it.    Whereas a written explanation could be that child B is a higher-rate taxpayer and child A is a non-earner, and there is more value in having child A receiving the pension and child B receiving an equal amount from other investments  (insert any explainable differences to let the trustees know)

    I didn't realise that schemes were adopting that very sensible approach.

    I've had to put a split of 99% to my wife and 1% to my son on the EoW's from my schemes in the hope that they will infer that if both my wife and I have died then I want my son to receive it all - it would be a lot easier if I could write that explicitly!
    Y0u can. Just add it to the form - doesn't matter if there is a specific space for it.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • dunstonh
    dunstonh Posts: 121,163 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I didn't realise that schemes were adopting that very sensible approach.
    Some schemes have dedicated text boxes for you to write an explanation and sections to give "if this, then that" scenarios.    Others will allow you to attach notes even if their form is just names and percentages (as mentioned by Marcon above).     

    I've had to put a split of 99% to my wife and 1% to my son on the EoW's from my schemes in the hope that they will infer that if both my wife and I have died then I want my son to receive it all - it would be a lot easier if I could write that explicitly!
    Yes, you should be able to write that with the EOW.  Just remember to sign and date each page if it is not on the same page of the EOW (i.e. an attachment).


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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