fatherinlaw died divorced from wife son told his pension died with him
2007-02-28 07:42:20 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes, unless you choose the survivor option in which a lot of times costs more. A lot of times it is better to roll your pension into an IRA, but you have to do it before you start receiving payments. With an IRA you have control on how much you receive per month plus IRA's have stretch benefits that most pensions do not. Meaning if you die, your spouse will continue recieving benefits until her expected death date. If she/he dies prematurely, meaning if she dies at age 70 and is expected to live to age 85, then it can stretch to his/her beneficiary which may be a child until the spouse would have reached their expected death date, in this case 15 years. Or, either beneficiary can just take the lump sum.
2007-02-28 08:36:22 · answer #1 · answered by bernard 2 · 0⤊ 1⤋
If this was a Retirement Pension from the Department for Work & Pensions the answer is Yes, it does cease to be paid.
I go along with the remarks on Private Pensions with caveats for Survivor Benefits.
2007-03-03 23:32:17 · answer #2 · answered by MANCHESTER UK 5 · 0⤊ 0⤋
When you sign up for a pension you nominate beneficiaries just in case something happens and you don't have a will - thats what i've had to do with mine anyway. The pension won't die with the person tho - next of kin will get it, i.e the son if he was divorced from his wife.
See a financial advisor or a solicitor/citizens advice if you still have no joy.
2007-02-28 07:52:35 · answer #3 · answered by HLW 3 · 0⤊ 3⤋
Yes it did, unless FIL had chosen a survivor option made available to him by the company admin'ing his pension plan, and that named survivor can only be his spouse. I know of no pension plan that provides survivor benefits to a child, knowing that such benefits can be very expensive to the pension pool.
2007-02-28 08:21:08 · answer #4 · answered by CMass Stan 6 · 1⤊ 0⤋
Unless there is something specific in the pension plan or in the persons will that there is right of his spouse to recieve some sort of benifit if that is a part of the pension plan.
2007-02-28 09:09:21 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Yes; unless the pension offered survivor benefits and he chose them.
2007-02-28 07:54:31 · answer #6 · answered by Rob D 5 · 0⤊ 2⤋
it does and it doesn't depends if your married, but if you die before it's up a portion goes to who you have nominated for you next of kin to receive the monies..
2007-02-28 07:47:19 · answer #7 · answered by missnicedell 3 · 0⤊ 2⤋
no usually the next of kin gets it
2007-02-28 07:47:00 · answer #8 · answered by lilshortyjess 3 · 0⤊ 3⤋
not any more, see a solicitor.
2007-02-28 07:50:46 · answer #9 · answered by kendal 4 · 0⤊ 3⤋