IvorBiggun2 Posted September 30, 2021 Share Posted September 30, 2021 Some years ago I asked my pension provider how much monthly my wife will get once I die. If I recall right they said 45% of what I was getting before I died. To spoil it all I was told today that it has since changed and they will only pay her proportionately due the 25 year age difference. I hope I've explained that correctly? Is it true? Link to comment
lungbing Posted September 30, 2021 Share Posted September 30, 2021 There should be a handbook of rules for the pension und. Ask them for a copy and check. But I have heard of this before. 2 Link to comment
BritManToo Posted September 30, 2021 Share Posted September 30, 2021 (edited) 2 hours ago, IvorBiggun2 said: To spoil it all I was told today that it has since changed and they will only pay her proportionately due the 25 year age difference. I hope I've explained that correctly? Is it true? It would depend on your pension scheme rules. My company will pay my misses 65% of my pension. Same age difference. Edited September 30, 2021 by BritManToo 1 Link to comment
Popular Post keithkarmann Posted October 1, 2021 Popular Post Share Posted October 1, 2021 My pension provider (name withheld) told me they are not allowed to be ageist so my wife would be getting 50% of what I get, despite the 36 year age gap. But I know some companies do deduct a percentage after a 10 year allowance for age differenxe, of so much for each year difference. You have to check with your provider. 3 Link to comment
Farang99 Posted October 1, 2021 Share Posted October 1, 2021 12 hours ago, BritManToo said: It would depend on your pension scheme rules. My company will pay my misses 65% of my pension. Same age difference. My pension provider says they will pay 50%. Age difference 30 years Link to comment
sirineou Posted October 1, 2021 Share Posted October 1, 2021 (edited) 12 hours ago, BritManToo said: It would depend on your pension scheme rules. My company will pay my misses 65% of my pension. Same age difference. Same here We opted for a small deduction from my monthly work pension and the wife gets 3/ of it after I die, See if they have different options. PS: we are US based. Edited October 1, 2021 by sirineou Link to comment
Popular Post skorts Posted October 1, 2021 Popular Post Share Posted October 1, 2021 I worked in the pensions industry in the U.K. for over 30 years. Historically, a lot of the occupational defined benefit schemes (company schemes where the pension is based on salary and length of membership) reduced the spouse’s pension if the spouse was more than 20 years younger. The reduction in spouse’s pension being directly related to the actual age difference of the spouse as this impacts on how long the spouse’s pension will potentially be paid for. As suggested, ask your pension provider for clarification and ask to see a copy of the Scheme booklet as it should be clearly stated what level of spouse’s pension is payable and what % reduction is applied for every year the spouse is more than 20 years younger than the member. 4 Link to comment
Popular Post Tropposurfer Posted October 1, 2021 Popular Post Share Posted October 1, 2021 1 hour ago, keithkarmann said: My pension provider (name withheld) told me they are not allowed to be ageist so my wife would be getting 50% of what I get, despite the 36 year age gap. But I know some companies do deduct a percentage after a 10 year allowance for age differenxe, of so much for each year difference. You have to check with your provider. 36 years! You must be really hansum man haha???????????????? 1 6 Link to comment
Tropposurfer Posted October 1, 2021 Share Posted October 1, 2021 After she cunningly poisons me, ever so slowly mine'll get the lot lol ???????????? 2 Link to comment
brewsterbudgen Posted October 1, 2021 Share Posted October 1, 2021 Yes, my Final Salary pension will only pay my wife 50% of what she's entitled to as she's 30 years younger than me. Link to comment
StevieAus Posted October 1, 2021 Share Posted October 1, 2021 As a matter of interest, if you are receiving a UK State Pension into which presumably you contributed, does your wife continue to receive any of that after you die, Or are they just as hardline as the Australian Government, if such a thing is possible. Link to comment
brewsterbudgen Posted October 1, 2021 Share Posted October 1, 2021 4 minutes ago, StevieAus said: As a matter of interest, if you are receiving a UK State Pension into which presumably you contributed, does your wife continue to receive any of that after you die, Or are they just as hardline as the Australian Government, if such a thing is possible. I don't think so. Women have to make contributions to their own State pension. Women in the UK have equality ???? 1 1 Link to comment
DaLa Posted October 1, 2021 Share Posted October 1, 2021 I have 4 'private' schemes and they all treat the situation differently and in accordance with the scheme rules. One interesting scheme I have is with the UK teachers pension. I was never a teacher and the last time I entered a school was when I was 15. However when I got divorced , my school teacher wife had a very strange understanding of 50/50 and wanted to retain all her pension. We went to an independent assessor who awarded me 22.5%. Unfortunately for some crazy reason in the Teachers pension scheme her portion ( 77.5%) would provide a 50% benefit to a surviving spouse ( her new husband ) whereas my slice 'dies' with me. So check the rules, let them know that your new partner is financially dependant on you and have her nominated with the scheme administrators. Link to comment
DPKANKAN Posted October 1, 2021 Share Posted October 1, 2021 That is correct. They will reassess the annuity based on her age against the fund value at the time, in order to make it last. I have my fund confirmed to my missus when I pop my clogs. I am a trustee of our Company fund which is privately controlled so have a bit of involvement.???????????????? Link to comment
StevieAus Posted October 1, 2021 Share Posted October 1, 2021 29 minutes ago, brewsterbudgen said: I don't think so. Women have to make contributions to their own State pension. Women in the UK have equality ???? Thanks, women in Australia have their own pensions too also it seems more rights than men. My question arose out ofUK men receiving a State Pension married to a Thai who obviously could never have paid into the system My Thai wife is lucky she gets 100% of mine if I die but it’s time limited. Wonder sometimes if I should eat the food she cooks great as it is !!!! 1 Link to comment
Popular Post LongTimeLurker Posted October 1, 2021 Popular Post Share Posted October 1, 2021 1 hour ago, StevieAus said: As a matter of interest, if you are receiving a UK State Pension into which presumably you contributed, does your wife continue to receive any of that after you die, Or are they just as hardline as the Australian Government, if such a thing is possible. Your wife will receive nothing in the way of UK State Pension benefits. And I believe they have also stopped the lump sum Bereavement Benefit. 3 Link to comment
Chongalulu Posted October 1, 2021 Share Posted October 1, 2021 2 hours ago, brewsterbudgen said: Yes, my Final Salary pension will only pay my wife 50% of what she's entitled to as she's 30 years younger than me. 50% is often the standard amount for any surviving spouse ,but I suggest you check the small print - both my occupational schemes have a provision that greater than a 10 year age difference has x% deduction for every year over this . This is commonplace and highlighted in an article in the Times money section a week ago. Link to comment
crazykopite Posted October 1, 2021 Share Posted October 1, 2021 Suggest you write to them and get it straight from the horses mouth every pension scheme is different so I doubt you will get the answer on this forum 1 Link to comment
DefaultName Posted October 1, 2021 Share Posted October 1, 2021 Mine will get nothing as I wasn't married when I retired and didn't take the lower "in case you get married" pension. Link to comment
Andycoops Posted October 1, 2021 Share Posted October 1, 2021 4 hours ago, StevieAus said: As a matter of interest, if you are receiving a UK State Pension into which presumably you contributed, does your wife continue to receive any of that after you die, Or are they just as hardline as the Australian Government, if such a thing is possible. No. Link to comment
brewsterbudgen Posted October 1, 2021 Share Posted October 1, 2021 1 hour ago, nchuckle said: 50% is often the standard amount for any surviving spouse ,but I suggest you check the small print - both my occupational schemes have a provision that greater than a 10 year age difference has x% deduction for every year over this . This is commonplace and highlighted in an article in the Times money section a week ago. That's what I meant; I checked with my pension advisor. My wife is entitled to 50% of my pension after I'm gone, but that sum is then reduced by 50% again due her being 30 years younger than me. 1 Link to comment
Chongalulu Posted October 1, 2021 Share Posted October 1, 2021 25 minutes ago, brewsterbudgen said: That's what I meant; I checked with my pension advisor. My wife is entitled to 50% of my pension after I'm gone, but that sum is then reduced by 50% again due her being 30 years younger than me. Ah,I see. My biggest pension asset by far is my SIPP (personal pension) which remains invested (and increasing) which she can inherit. The main advantage with the age difference (mine is 21 years) is that as transfers/inheritance between spouses is tax free it’s gonna be a very long time before HMRC can get any inheritance tax and potentially with her being a Thai not domiciled in UK (though having uk citizenship) she may be able to escape even that when going to our only daughter. ???? , 1 Link to comment
Harveyboy Posted October 1, 2021 Share Posted October 1, 2021 4 hours ago, brewsterbudgen said: I don't think so. Women have to make contributions to their own State pension. Women in the UK have equality ???? i think that's the case wife gets nothing from government pension which i always seen as wrong ..they work us till we drop Squeeze the last drop from us knowing most will never recoup anything near what we have paid ..not stupid eh ...our families should get some of the benefits after we die.. Link to comment
Geir Rasch Posted October 1, 2021 Share Posted October 1, 2021 (edited) If the age gap is big, there is a possibility that the wife would be remarried. What does the pension rules say about that? I know that regard to public pension i Norway, the widow get nothing if she remarries. They also reduce her pension if she is below 55 years of age. Edited October 1, 2021 by Geir Rasch correcting words Link to comment
hotandsticky Posted October 1, 2021 Share Posted October 1, 2021 8 hours ago, Farang99 said: My pension provider says they will pay 50%. Age difference 30 years Mine is 50% less 10% (ie to 45%) for a 19 year age difference. 1 Link to comment
IvorBiggun2 Posted October 2, 2021 Author Share Posted October 2, 2021 Thanks to all. I will get back to yous when I get a report back from my insurer Link to comment
IvorBiggun2 Posted October 6, 2021 Author Share Posted October 6, 2021 On 10/2/2021 at 4:49 PM, IvorBiggun2 said: Thanks to all. I will get back to yous when I get a report back from my insurer Well I got a report back. Quote The West Midlands Pension Fund is undertaking its annual overseas pensioner verification checks of all its scheme members who live overseas as a means of fraud prevention. The Fund continues to work with Target Professional Services to trace and verify scheme members on our behalf. What a load of tosh. Quote Please look out for an email or letter from Target within the next month, Link to comment
hotchilli Posted October 18, 2021 Share Posted October 18, 2021 On 9/30/2021 at 5:51 PM, IvorBiggun2 said: Some years ago I asked my pension provider how much monthly my wife will get once I die. If I recall right they said 45% of what I was getting before I died. To spoil it all I was told today that it has since changed and they will only pay her proportionately due the 25 year age difference. I hope I've explained that correctly? Is it true? Private company pension providers each will have their own rules on paying pensions to spouses. You'll have to check the small print. I believe the government/state pension now pays nothing to expat spouses.. Link to comment
Surasak Posted October 18, 2021 Share Posted October 18, 2021 On 10/1/2021 at 9:42 AM, StevieAus said: As a matter of interest, if you are receiving a UK State Pension into which presumably you contributed, does your wife continue to receive any of that after you die, Or are they just as hardline as the Australian Government, if such a thing is possible. Sorry to say, but yes the UK gov are just as hard line. Link to comment
Tuvoc Posted October 18, 2021 Share Posted October 18, 2021 (edited) On 9/30/2021 at 11:51 AM, IvorBiggun2 said: Some years ago I asked my pension provider how much monthly my wife will get once I die. If I recall right they said 45% of what I was getting before I died. To spoil it all I was told today that it has since changed and they will only pay her proportionately due the 25 year age difference. I hope I've explained that correctly? Is it true? Yes, I had a defined benefit scheme and they would only have paid something like 33% due to the age difference of 19 years. (Edit: actually it was less than that maybe only 25%, but I don't recall the exact amount) I was both shocked and mortified, so I transferred out of it and the fairly large lump sum went into a managed SIPP where she gets whatever is left when I die. Edited October 18, 2021 by Tuvoc Link to comment
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