Pensions after separation?

[mrsnicola]

Hi
A conversation has come up with my dad today and I’m not sure what the answer is. My mum and dad have been separated for around 25 years on good terms. Never thought about divorce but what happens if he died? Would my mum have his pensions/insurance policy. He has made a will leaving everything to me. Thanks

[tspill]

Anything in joint names would go to her (though for a house this can depend in how it is held). For pension, there will almost certainly be a named benefactor so that will depend on who this is for any pension on death - this will be a pension company decision. DC pensions will become part of the estate.
Bottom line is it is MUCH more complex than your question and no one can really answer without much more detail and specifics of each pension, policy and asset.

[ERICSMUM]

I don’t know if this is relevant, but the pension trustees for my work pension sent me a form on which I nominated the benefactor. I assume that if you don’t nominate someone, it would go to your spouse ?

[Lisbon]

Originally Posted by ERICSMUM

I don’t know if this is relevant, but the pension trustees for my work pension sent me a form on which I nominated the benefactor. I assume that if you don’t nominate someone, it would go to your spouse ?

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We get a form regularly to name the benefactor.
Ask your dad if he has ever had one
Rob

[Alllovedisney]

Please note though that the pension trustees and final say. So whilst the nomination form may say “kids”, they may decide “wife” (usually based on financial dependence, evidence of need etc but it has been known that the decisions made have been odd).

[disney332]

I would suggest that a Spouce would get the pension should she or he survive her/his Spouse irrespective of a nomination of benefits to others (say children)

Why? Because a spouse is an integral part of the contract, ahead and before all others irrespective of any financial dependence.

Others and financial dependence only come into play when there is no spouse, and only for a Final Salary otherwise known as a defined benefit pension.

For a money purchse or defined contribution pension, benefits are taken either through Flexible Income Drawdown or Annuity purchase.

In the case of AP then the residuary beneficaries are nominated at the outset and fixed.

For FD the remaining pot upon death would be available to the spouse or children and would usually pass outside of the estate without the payment of inheritance tax.

A complicated area
Disney332

[ChoppyGirl]

It depends what kind of pension it is.

If it is a LGPS then the member can nominate someone to receive a Death Grant This is payable for Death in Service or in the member passes away within a certain time of going onto pension ie 5 or 10 years then there is a balance.

If the member dies and legally has a spouse a spouse's the pension goes to them only, even if they are separated. This amount cannot be given to anyone else. If the member is not married and has a co-habiting partner then in certain circumstances they can receive a widow's pension instead of a spouse (not if there legally is a spouse).

Most pension schemes will be different but I imagine that a legal spouse is entitled to a spouse's pension in most, if not all schemes.

[Guest]

My mum has just passed away so my Dad is dealing with this now.

As the above poster said each pension provider is different. We have encountered some that required a will stating it went to my Dad as they were driven by what was in the will in the absence of a beneficiary form. We've had some state they will only give to spouses despite what's in the will.

At face value, i'd say if your mum and dad are still married then it would more than likely go to your mum.

I'd suggest if he really does want it to go to you, that he contacts each provider verbally and in writing to update his wishes and then details all of this specifically in the will including the names of the providers. They may say there and then "we only provide to spouses" but at least then you know.