pensions-my dad has a pension and says when he dies(god forbid) it will come to me-is this true i thought it?

Question

would go with him-i mean if he doesnt get to use it then no one does-please can someone explain in simple terms to me-thankyou

Answer 1

It depends on the terms on which the pension was purchased. There are so many different types. The main two sub-categories in the UK are self-purchased ones, or ones bought by employers. Has your Dad got the original documentation? If so, read the small print. If not, contact the pension provider, and ask. Usually when the pension passes to a spouse, it is half the original amount for life. When to a minor child, a reduced amount, either to the date of majority, or completion of full-time education. Some pensions plans do allow a pension to be carried on to an adult child or other nominee, but this is usually only for a fixed period of time after the death.

Answer 2

That depends upon the pension plan.

With defined benefit plans, some pay survivors benefits and some do not.

With a defined contribution plan, any balance in the plan would be handled through probate in accordance with the will of the decedent or as specified by the decedent within the plan itself, i.e. a beneficiary designation. If there is no designated beneficiary and no will the general plan guidelines would determine who the balance would go to or lacking that, state law would determine inheritance under the state's intestacy laws.

Answer 3

When I took out a company pension I was asked to nominate a person to receive a 50% pension after my death.. It was normal to nominate your spouse but I suppose you could nominate another relative...

Answer 4

It depends on the type of pension he has. There are many different kinds and some pay survivor's benefits to spouses and minor children.

Answer 5

Anyone contributing to a pension scheme can usually nominate a beneficiary - in this case it seems that your father has nominated you.

Answer 6

I have a pension and one of the options on it is to choose who you wish it to be paid to. So if his is similar then yes he is right

Answer 7

yes..only if the pension fund is not raided...this Govt is in so much debt our pensions may be raided...don't bank on getting it and if he can make other arrangements..that would be good or you will find yourself high and dry.........

Answer 8

If he's not married / living with a partner, and has made a will, I guess a cash lump sum would go to his estate, so maybe it comes to you that way? Ask him what he means.

Answer 9

my father passed before he could collect but when he would have been of age to collect it came to my mom. So yes if you are listed as next of kin.