Death before taking pension.

[rockytony67]

Without sounding morbid my partner recently passed away and she was the person I was going to leave my pension to if anything happened to me. We have no children and I only have a Brother, what would happen to my pension if anything happened to me? would any of it go to him or would it all be lost? I'm 57 so could take it now with the reduction(in section B) thanks for any help.

[RobertT]

Sorry for your loss.

My understanding is, if there is no partner, children or someone else who is financially dependant on you, then your pension will effectively die with you.

However, it is possible to leave your lump sum death benefit to someone of your choice, such as your brother or maybe a charity.

It's always a good idea to fill in the nomination forms, to tell the trustees of your wishes. Bearing in mind the RMSPS and RMPP have their own separate forms.

It's also worth noting the nomination process for pension and lump sum, varies depending on which section you're in.

Those forms and other info is available on the RMSPS and RMPP websites:
https://www.royalmailsps.co.uk/
https://www.royalmailpensionplan.co.uk/

[rockytony67]

Cheers thanks for that Robert I think I will take it now then.

[daveyeff]

Sorry for your loss.

My understanding is, if there is no partner, children or someone else who is financially dependant on you, then your pension will effectively die with you.

However, it is possible to leave your lump sum death benefit to someone of your choice, such as your brother or maybe a charity.

It's always a good idea to fill in the nomination forms, to tell the trustees of your wishes. Bearing in mind the RMSPS and RMPP have their own separate forms.

It's also worth noting the nomination process for pension and lump sum, varies depending on which section you're in.

Those forms and other info is available on the RMSPS and RMPP websites:
https://www.royalmailsps.co.uk/
https://www.royalmailpensionplan.co.uk/

just a curious question Robert,....if you die before you reach state pension age, what happens to it?....is it lost to the government? cos i have known a few lads who died before they reached the state pension age.

[Tman]

So they've passed away before they reached the age where they were eligible to claim it?
Take a wild guess what happens.

[RobertT]

If you die before reaching state pension age, it dies with you.

If you die afterwards, it's possible your spouse/civil partner may inherit some of your benefits.

[postmanzach]

sorry to bump this
but is it right it pays out 4 times yearly salary in a cash lump sum? i am divorced now and don’t know who to nominate.
i have kids but would want the money invested in a fund or something.

[RobertT]

sorry to bump this
but is it right it pays out 4 times yearly salary in a cash lump sum? i am divorced now and don’t know who to nominate.

The death in service payment is 4 times salary for active members of the current RM pension schemes(RMPP & RMDCP) and the new Collective Plan when that starts on 7th October.
To be honest, I'm not sure about Nest.

Before anyone asks, 4 times salary is the maximum you'll get in total and not from each scheme!

There are different payouts if you're not in any scheme, you've already taken some or all of your pension/s or have left the company.

You'll need to fill in a nomination form for each RM pension scheme you have benefits with.

See all the relevant websites for details and forms.

i have kids but would want the money invested in a fund or something.

That's something you'll need to consult a solicitor about, as part of your will.

[posted]

I know in RMDCP, If you pop your clog by Saturday 6th then it’s 4 times Annual Salary as standard + 2 annual salary specifically for any dependents (could be kids or those financially dependent).I think that additional 2 times is discretionary if trustees pay out to those financially dependent.

Moving forward from Monday, in the Nest and possibly CPP too, it’s limited to 4 times pensionable salary.

[rogersh]

I read that "expression of wish" forms need to be updated for the new scheme when it commences.

[RobertT]

I read that "expression of wish" forms need to be updated for the new scheme when it commences.

All RM schemes have their own forms, so you'll need to do one for every scheme you're a member of.

For some people that could potentially be five: RMSPS, RMPP, RMDCP, RMCPP and Nest.

[rogersh]

From; Transitioning to the Royal Mail Collective Pension Plan: Frequently Asked Questions.

Will my current nominations for death benefits still be valid when I'm in the Collective Plan?

No, you will need to provide updated nomination information to the Trustee of the Collective Plan. When the Collective Plan goes live, you will be provided credentials for the scheme portal with individual self serve access where you can make and maintain these nominations.

[Dexydog]

If this is correct, further proof this hasn't been thought through and handled correctly.
I don't have access to the fund in any way, despite just having had the first deduction from my wages
What if I drop dead tomorrow??
Who gets my X4 pensionable pay, because I'm not married?
This, among other things regarding this plan, needs looking at, urgently.

[rogersh]

https://www.myroyalmail.com/collective-plan

If you go to this link & scroll down to frequently asked questions (FAQs)
you will find a list (on page 10) of relevant Expression of Wish/nomination forms for your other Royal Mail pension plans.

[postmanzach]

sorry to bump this
but is it right it pays out 4 times yearly salary in a cash lump sum? i am divorced now and don’t know who to nominate.

The death in service payment is 4 times salary for active members of the current RM pension schemes(RMPP & RMDCP) and the new Collective Plan when that starts on 7th October.
To be honest, I'm not sure about Nest.

Before anyone asks, 4 times salary is the maximum you'll get in total and not from each scheme!

There are different payouts if you're not in any scheme, you've already taken some or all of your pension/s or have left the company.

You'll need to fill in a nomination form for each RM pension scheme you have benefits with.

See all the relevant websites for details and forms.

i have kids but would want the money invested in a fund or something.

That's something you'll need to consult a solicitor about, as part of your will.

don’t suppose you know if it’s possible to leave it someone living in another country?