Hi,
My wife recently passed away after a long illness. She worked for a US multinational for twenty years and they had a very good Death in Service Benefit. Most schemes pay 2 to 4 times the members salary but my wife's company pay 6 times. Apparently, revenue rules are that the spouse can only take 4 times and the balance has to be set up in an annuity fund. I think this is some type of pension for when I retire.
My question is... My wife put in her Will that this benefit is to be divided with the majority left to me and a percentage will be divided among her family members.
Will this be paid out of the full 6 times amount before I get the 4 times amount with a small amount left for the annuity. Or will their portion be taken from the 4 times amount left to me?
Thanks
My wife recently passed away after a long illness. She worked for a US multinational for twenty years and they had a very good Death in Service Benefit. Most schemes pay 2 to 4 times the members salary but my wife's company pay 6 times. Apparently, revenue rules are that the spouse can only take 4 times and the balance has to be set up in an annuity fund. I think this is some type of pension for when I retire.
My question is... My wife put in her Will that this benefit is to be divided with the majority left to me and a percentage will be divided among her family members.
Will this be paid out of the full 6 times amount before I get the 4 times amount with a small amount left for the annuity. Or will their portion be taken from the 4 times amount left to me?
Thanks