Hi,
Friend of mine sadly lost his wife recently.
They are both in their 40s and she had a Death in service lump sum benefit thru her work.
Now executing solicitor tells him that Revenue maximum lump sum is 4 times his late wife's annual pay and any amount over that will have to be used to set up a annuity as per terms of the plan? Her company plan says lump sum is 8 times annual pay so half of it will have to go to annuity.
They have no kids, he is the only beneficiary.
Where to even start looking into what's the best option for him for the annuity and what are the tax implications? I suggested he gets independent financial advice on it before making any decisions
Thanks.
Edit: maybe this would be better suited in pensions forum?
Friend of mine sadly lost his wife recently.
They are both in their 40s and she had a Death in service lump sum benefit thru her work.
Now executing solicitor tells him that Revenue maximum lump sum is 4 times his late wife's annual pay and any amount over that will have to be used to set up a annuity as per terms of the plan? Her company plan says lump sum is 8 times annual pay so half of it will have to go to annuity.
They have no kids, he is the only beneficiary.
Where to even start looking into what's the best option for him for the annuity and what are the tax implications? I suggested he gets independent financial advice on it before making any decisions
Thanks.
Edit: maybe this would be better suited in pensions forum?
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