Pensions - Beneficiaries vs Will

[milamber]

Hi All,

I have a question. I have a will - it says - survivor inherits.
My pension however - my children are listed as the beneficiaries - not my wife. Which will win out?
Do my kids inherit my pension or will my wife?

Milamber

 

[noproblem]

Who do you want to, as you say, "win out"? What type of pension are you talking about?

 

[milamber]

I am talking about a personal pension. if it went to court and the wife contested the fact that she wanted the pension in full as per will - does the pension scheme with different beneficiaries have to pay her or the children.

 

[mf1]

Your posts are very enigmatic and quite confusing.

It seems you have a pension and, in the event of your premature demise, you have nominated your children as beneficiaries.

You are still alive. You have made a will. Your wife inherits everything under that will. You want to know, on your death, who gets the personal pension.

You should change your will. It is a simple matter.

If this is part of matrimonial proceedings/ marriage breakdown, you need very specific advice on your specific circumstances. You should not rely on internet websites for such important information.

mf

 

[Steven Barrett]

Is it a personal pension or a employer sponsored one?

A personal pension is contract based. You decide where the proceeds go.

An employer sponsored pension is under trust where the trustee decides where the proceeds go. You can complete an expression of wishes form. If you are having marital problems, let the trustees know you want the money to be left to your kids. They will consider your request and if they do no deem it unreasonable, will give the money to your kids.

But as mf1 says, get professional advice and change your will. It's not uncommon for people to update their wills multiple times.


Steven
www.bluewaterfp.ie

 

[milamber]

I have both a personal pension and a employee one. the personal one is just sitting there now.

post are probably right - will change would be necessary.

just a question that I had - wondered who would win out.

 

[Steven Barrett]

You should also inform the trustees of the employee one too. If they are unaware of the change of your marital situation, they will probably pay it to the spouse.



Steven
www.bluewaterfp.ie

 

[noproblem]

I have both a personal pension and a employee one. the personal one is just sitting there now.

post are probably right - will change would be necessary.

just a question that I had - wondered who would win out.

Apart from I've said already, I can't help you, but it is an intriguing question in itself.

 

[Steven Barrett]

The employer sponsored scheme is held under trust and is not an asset of the deceased. It does not go through probate and is paid out to whom the trustees choose (they do have obligations on this matter).

A personal paid pension is an asset of the deceased, will go through probate and be paid out in accordance with the will.


Steven
www.bluewaterfp.ie