I wanted to mention this as even though it only affected me slightly (change of pension scheme a few years ago), it was something unforeseen when I handled probate but to others could have a huge impact.
So a scenario, you`re married and set up a pension, as in many relationships the woman deals with a lot of the paperwork so you don`t bother to read everything you sign as you naturally trust her. Then divorce, you remarry, you change the benefactor to your new wife.
But the pension provider doesn`t mention that this nomination is useless as the pension was written "In Trust" as he assumes you know this.
Those two little words, In Trust, set everything in stone as regards who any benefits are paid out to. You can of course move most, not always all, of the pension somewhere else before it matures. So basically read, small print and all, everything you sign.
Hmmmm, interesting.....
ReplyDeleteAs a railway employee, I'm in the railway pension scheme. This has a means of nominating someone (spouse, child, etc.) as a beneficiary should you die in service (ie: before retirement) which I think is 3xannual salary. I think I could do well to check out how this works with regards what you've just said.......