Deceased wife's pension fund

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Bumper22

Registered User
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71
Hi,

My wife passed away 18 months ago. She had a pension fund (defined contribution) built up from a previous employer. She changed employers subsequently, but left that pension in the original employer plan.
I have not yet taken action to get that pension sum, for various reasons.
The pension value has increased since her death.

My understanding is the pension fund administrators will transfer to me the total value of the fund in a lump sum.
Is this correct ?
Also, will the value of the fund be based on her date of death or date of the transfer out (to me) ?

Thank you
 
Sorry for your loss. Yes the value will be paid to your wife's estate so once you establish that you're the beneficiary of her estate it will be paid to you. It will be value at the date of her death.
 
i would say it is on date of death as well. It is very understandable that a spouse would not action this straight after a death and the value can go down as well as up so it seems fairest to go with value on date of death.

My company’s death in service benefit statement says “value of retirement account at the time of death”
 
Well, I can understand why it would be the date of death for a DB scheme but it seems odd for a DC fund.

I take the point that the fund could just as easily have fallen in value.
 
I’m sorry to hear of your sad loss.

I’m not an expert but my understanding is that the administrator on being informed of the loss would transfer the investment into a cash fund, gather information and ask/await for instructions from the trustees.
 
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