Spouses Pension in Retirement

B

Bedlam

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To avail of a Spouses Pension do a couple have to be married at the date of retiremnt and the setting up of the Annuity?

Any advice appreciated please.

Bedlam
 
When purchacing an annuity you need to state whether you want a single life annuity or a joint life annuity as they are costed differently as I am sure you can appricate. Up until the civil partnership bill was fully passed into law you needed to be married but going foward this is no longer a requriement however you need to be living with your partner (that includes same sex as well) for at least 3 years to qualify as a civil partner.
 
Revenue rules have always allowed pensions to be paid to unmarried dependants, as long as there is a financial dependency. However this doesn't mean that a scheme will necessarily provide this, especially if it's a defined benefit scheme whose rules give strictly spouse's pensions.

AFAIK, the difference the civil partnership bill will make is that this type of scheme will also have to provide pensions to registered civil partners in the same way as for widows.
 
Baracuda

Thanks for your reply do you know if it is specifically stated in the Act the reference to living together for a term of 3 years qualifies or where did this information come from please.

Many Thanks

Bedlam
 
Hi Bedlam

Some scheme rules are very strict about who qualifies for a spouse's/dependant's pension. Other schemes are more flexible and allow discretion to the trustees.

If in doubt, you should ask the scheme administrator whether your current partner will be covered. They may need to run it by the trustees.

Homer
 
Hi Homer

This is the proceeds from 2 personal pensions being used to purchase an Annuity. What is the postion in this situation please

Many Thanks

Bedlam
 
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