Spouse pensions

[RogerS]

I came across an interesting article in a paper and pass the gist of it on in case it might be of interest.

If you thought that when your spouse died, you would get part of their pension then think again. It depends on the specific rules of the pension scheme. Some (as was the case in the article) only make this payable if the spouse was already taking the pension at time of death. If they weren't then you will get nothing from their pension scheme.

 

[Rod]

My pension scheme pays half but I know of somebody who died and his second wife only got a small fraction based on the number of years they were married.

Rod

 

[Phil]

My one pension also pays half if I snuff it.
The other one is an LLA which she will get full value to take and invest in a new pension for herself.


Phil

 

[9fingers]

My pension scheme pays half but I know of somebody who died and his second wife only got a small fraction based on the number of years they were married.

Rod

Presumably that is because they are carrying the liability for wife no 1 too.

My spouses pension used to be 2/3rds but when the scheme was changed to be based on 1/45 salary per annum, they changed to 60%
We are lucky still having a final salary scheme. Those following on from me at the company are on a money purchase scheme now and will have to save harder to get the equivalent of 2/3 final salary which used to be the norm.

Bob

 

[justaskin]

In addition to the rest

If you are in receipt of a military pension your first wife will get half of it. Should you divorce you keep yours but it dies with you. My airline pensions are the same.

Richard