Pension on death

dunstonh

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)

doodling

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

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.

dunstonh

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).