Pensions problems

Catsandrabbits

Hi,

Not sure whether this should be under pensions or probate as it’s both kind of.

My dad recently passed away and left me as executor.

He left me a list of his assets in which was included a large pension with Aegon target plan which he had got through working for United utilities. My dad was under the impression it would go to us (myself and brothers) and I believe he named us as beneficiaries. Upon ringing Aegon I was told it would be down to the trustees to decide and sent the claim form. So I’m relying on google so far and assuming that since there’s trustees it’s a defined benefit pensions so no hope of inheriting that. However upon going through the pension statements and paperwork it says defined contribution. And dad paid in a lot of additional voluntary payments.There was also the option to take out an annuity or drawn down. Any ideas?

Smudgeismydog

Your Dad might have completed an ‘Expression of Wish’ form which would indicate who he wanted to receive the pension benefits in the event of his death. These are generally adhered to, but it is important to note the Pension Trustees make the decision.

This is standard practice for DC pensions.

Marcon

I'm sorry you've lost your dad and are having to battle through the inevitable paperwork. This is a defined contribution scheme (you've helpfully included screenshots confirming this), run by the company itself using a trust-based arrangement - hence the use of trustees.

I'm afraid it is now a waiting game while the trustees go through a process known as 'due diligence' - basic fact checking - and decide who should be paid whatever is in his your late father's 'pot'. Judging by what Aegon has said to you, there are clearly funds there.

Even if they trustees have an up to date Expression of Wish form from your father, they still have to jump through the hoops and can't just pay out immediately. Unfortunately nobody is going to be able to answer your next question: the timescale can't be predicted, but any delay usually means they are simply doing a thorough job, not that 'something is wrong'.