Pension advise.

[abu13]

Just a quick question for anyone who may be clued up on these things, would a private pension being claimed by a retired person general have any death benefit attached for the remaining spouse or is it a case of when you peg out that's it?

Any help would be greatly appreciated.

 

[hilts]

Just a quick question for anyone who may be clued up on these things, would a private pension being claimed by a retired person general have any death benefit attached for the remaining spouse or is it a case of when you peg out that's it?

Any help would be greatly appreciated.

 

[Fred_Quimby]

Both my pensions transfer to my wife and she will get half. My pension fund is transferable and can even be tranfered to my children. I am pretty sure this is standard now in the same way you can withdraw some or all of your pot. If you do that though 25% of the pot you withdraw only is tax free and the rest taxable at the appropriate rate.

 

[BimboBob]

Yes.





And no.





What was the question again?

 

[RadcliffeRick]

All pensions are different depending on how they are set up. My private pension is a pot of money that will be drawn down on to provide a pension, when I snuff it the named recipients in the pension agreement will receive what ever is left and at what proportion I arranged. There is no benefits as such just a sum of money.
If you want correct advice contact a financial advisor or your bank.

 

[Ifwecouldjust.......]

All pensions are different depending on how they are set up. My private pension is a pot of money that will be drawn down on to provide a pension, when I snuff it the named recipients in the pension agreement will receive what ever is left and at what proportion I arranged. There is no benefits as such just a sum of money.
If you want correct advice contact a financial advisor or your bank.

This ^^^^^^^^^^^^^^all depends how it is set up at the start.

 

[snorky]

Dunno. I fully intend to outlive the fat cow.

 

[denislawsbackheel]

It depends how you set it up. Most don't because people don't like the reduction in income it means while alive.

 

[Millwallawayveteran1988]

Depends on the type of pension you are receiving.

If annuity then it depends how long it has been paying out and how you set it up. Some annuities are arranged with a guarantee period of either 5 or 10 years so if you have been receiving the pension for say 2 years and then pass away, the balance of the guarantee period would be paid. Some of spouses pension on them, either 50% or 100%.

If final salary scheme then they will usually have a spouses pension built in.

If the pension fund is in drawdown then any pot remaining at death is passed to beneficiary (Tax free if death before 75) (Taxable if after)

 

[ganganvince]

Just a quick question for anyone who may be clued up on these things, would a private pension being claimed by a retired person general have any death benefit attached for the remaining spouse or is it a case of when you peg out that's it?

Any help would be greatly appreciated.

Take professional advise may be beneficial to transfer into an offshore account and drawdown depending on how you do this the funds then belong to you and can be willed as you wish