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Pension survivor benefits

(7 Posts)
Liberated71 Tue 04-Aug-15 10:54:28

I'm a single parent and am not sure what to do about my pension survivor benefits - I can split the lump sum death benefit between my two sons but the survivor pension can only be paid to one person and I don't have a partner to leave it to and it seems unfair to nominate just one son over the other - if with an instruction to share!
What have others done? I could leave it to my mum I guess and change my nomination if she dies before I do - but then what?
Sorry if this is a bit morbid - I'm in a quandary!
Thanks in advance

specialsubject Tue 04-Aug-15 12:51:40

not morbid at all, common sense in planning for the inevitable because you ARE going to die.

a thought; survivor benefits usually mean a drop in your own pension. With no partner and assuming your sons are adults or will be soon, would it be better to opt out of survivor benefits and keep it all for yourself?

if you do get a long-term partner, you can always change it later.

Liberated71 Tue 04-Aug-15 21:17:02

Thanks - survivor pension doesn't impact in that way (I'm in a DB scheme) but you're right I can do one thing now and change my mind if necessary.
I suppose I ought to leave it to whoever would care for my sons in the event of my death - not sure my ex will want to but that's another story!!!

specialsubject Wed 05-Aug-15 10:20:35

yes, that's sounds an idea.

a DB pension? Wow - you must be the last one!!

Preciousbane Wed 05-Aug-15 10:27:49

Message withdrawn at poster's request.

Stripeysocksarecool Sat 15-Aug-15 22:05:29

Liberated, it would be very unusual for you to be able to nominate someone to receive a "survivor" pension from a DB scheme, in fact I'm pretty sure that the pension tax rules don't permit this. If you were to die when your children are still young it is possible that the DB scheme will pay them a children's pension (typically half of the pension that would have been paid to your surviving spouse, split between them). If they are adults at the time of your death, all that will be payable is the lump sum death benefit.

mrsmalcolmreynolds Mon 17-Aug-15 23:22:25

Yep like Stripey said you usually can't nominate for the survivor's pension. Even if you can, the tax law says it can only be children up to age 23 (schemes often require them to be in education if over 18 too) or someone with whom you were in a relationship of mutual financial dependence (again this is the overriding minimum requirement and your scheme could be stricter).

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