Benefits payable from pension on death after leaving service

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Bumper22

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A person leaves the service of an employer and has a pension pot accumulated (example 500,000 euro). If they subsequently die before any pension benefits are paid, what happens to the pension ? They have a Spouse, no children.
Thank you
 
Generally, it goes to the Estate of the deceased. That's where a Will might be important.
 
Thank you. Yes they have a will, leaving all to the Spouse. Can the value of the pot be converted into a future monthly payment for the Spouse (as a monthly income) or does the pension value (500,000) get converted to lump sum cash ?
 
Any use?

Benefits payable on death - pensionsauthority

One of the important benefits often associated with pension arrangements is the availability of benefits payable on or after your death. These benefits are very important as they are the means by which you can make financial provision for dependants and beneficiaries.
www.pensionsauthority.ie www.pensionsauthority.ie
www.pensionsauthority.ie

Tax on benefits on death

Benefits emerging from a pension fund on the death of a member are assessable on the recipients for the purpose of Capital Acquisitions Tax (CAT) and/or income tax...
www.pensionsauthority.ie
 
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