Spouse does not have a pension, just me. If I die before spouse, then what does she receive from my pension pot? Is it the full amount or a percentage? And does it differ for occupational pensions and pensions from uk employment?
thanks
For an Irish occupational scheme, it depends whether the person dies while in service or not. If they’ve left employment, it’s paid out tax-free to the spouse. If they’re in service, four times final remuneration is paid out tax-free plus the value of whatever the individual paid in himself/herself, with the balance used to buy and annuity.
it all depends on the rules of your particular scheme.
If you are a member of an Occupational Pension and if you die in service, then generally a lump sum (Life Assurance) amount is paid out. How much that might be again will vary from scheme to scheme. Typically a multiple of salary (up to say 4x Salary).
If you die having already retired, then any benefit payable to a spouse will depend on a number of factors:
- if you retired from a Defined Benefit scheme, it might (or might not) make provision for the pension to continue to be paid to your spouse at say a 50% level.
- if you retired from a Defined Contribution scheme, then it depends on what you did with the residual fund - ie whether you bought an Annuity or invested into an ARF.
If you detail what type of scheme you have (and are you still working or retired) I can expand on the answer.