Probate query about sole pots and joint assets

Hi. My Mum recently passed away. She had two pots in her own name - a pension pot worth 26,000 and prize bonds of 5,000. The rest of her assets are in joint names with my Dad - who is the sole beneficiary. I had hoped that we would be able to avoid probate, but do her individual pots and joint assets mean that we will have to go through the whole process. Many thanks

write to the pension fund and ask them. probably not for the prize bonds.

Depends on how her retirement savings are set up — the rules of the arrangement may operate to pay the money directly to your father as her nominated beneficiary, in which case there is no need — so far as the retirement savings are concerned — for a grant of probate. As MHoran379 says, ask the administrators of the arrangement.

Similarly, State Savings will tell you if they need you to take out a grant of probate before they will pay out. They are entitled to require this, but most financial institutions have a (relatively low) amount that they will pay out without a grant in a straightforward case, which this appears to be. But the only way to know for sure is to ask them.

Thank you both. I've asked the pension scheme and they have sent me an Application For Payment Of A Claim Without Grant Of Representation form. Their IFA thinks that if we go this route then that will mean that the pension is encashed rather than transferred into my Dad's pension ARF (with the same company), and we will have to pay Income Tax on it. I shall try and find out further details about this.

It may well be that State Savings have a similar sort of form, so I shall go looking.

Thanks again.

Rebecca1 said:

Their IFA thinks that if we go this route then that will mean that the pension is encashed rather than transferred into my Dad's pension ARF (with the same company), and we will have to pay Income Tax on it. I shall try and find out further details about this.

Click to expand...

What's "IFA"? Independent Financial Advisor perhaps? If so then what kind of advisor?

Rebecca1 said:

It may well be that State Savings have a similar sort of form, so I shall go looking.

Click to expand...

In case it's of any use...

Thank you ClubMan. Yes, they had an financial advisor for their pensions. The IFA has suggested that if we fill out the application for payment form listed above, that it will be an encashment rather than a transfer and so Income Tax will apply. They have asked the pension company for confirmation and I am still waiting to hear back. In the meantime, I have also gone back to them and asked about the pension scheme of arrangement and nominations - as it feels like it should be a straightforward process, but we seem to be getting tied in knots!

The taxation of these things is complicated. What you refer to as your mother's "pension pot": was this:
- an entitlement in an occupational pension scheme?
- a PRSA?
- an ARF?

And, when she died:
- and your mother in an employment to which the pension arrangement related?
- had she left that employment, but not yet taken any retirement benefits from the pension arrangement?
- was she taking retirement benefits from the pension arrangement?