My late fathers company pension

[trolly61]

My father worked all his life and paid into a company pension...ICI which then became AstraZeneca. He retired at 65. Unfortunately, he passed away in December, aged 75. My Mum was then awarded the pension at a slightly reduced rate. Then exactly 5 months after my Dad passed away, she also died. Its really awful that my Dad paid this pension for 35 years but then only enjoyed 10 years of retirement. Does anyone know if I am entitled to anything from AstraZeneca, such as a death benefit or a lump sum? I dont know anything about pensions so any advice would be appreciated. Does the pension just die now?

[craft1948]

I have a company pension................when I die so does the pension so my daughter will get nothing. I obviously knew this when I signed up for the pension.

[Davethedog]

It is the way of all pensions

[JOBOBABE]

how else could a pension business ever run profitably, if they have to make pay outs forever to relatives??

[ladybird49]

I will get my husbands private pension ( reduced rate )
when he dies ( god forbid ! } and him mine

[Nical]

It's just the way it goes, unfortunately. Other people - such as my father-in-law - end up with being paid a pension for longer than they worked!

[hc4361]

And some people don't live long enough to get their pensions.

[trolly61]

Thanks everyone, thats what I thought but I thought Id better check. Wasnt expecting anything, but if you dont ask........?

[jamesnan]

That is one of the reasons that my husband opted for a large lump sum and smaller pension payments. The lump sum was put away, and brings in a monthly amount, but at least we actually received the larger amount, and this now belongs to us rather than the pension company.

[craft1948]

That's what I've done jamesnan...............

[tamborine]

Company pension schemes usually pay out to next of kin or dependants if there are suplus funds held by deceased payee. Check with the company to find your entitlements.

[factor-fiction]

... although that approach only pays off if you die early. If you live to 80, for example, you'd probably get much more overall pension benefit by taking little or no lump sum and taking the maximum monthly pension

[twix123]

Most company pension schemes are designed to pay out for the lifetime of the pensioner with the option of a reduced payment if their widow/widower is to receive a smaller pension after the death of the pensioner. Often the payment is guaranteed for a minimum period, such as 5 years, and should the pensioner and any widow/widower both die in that period, then the estate of the final recipient would receive the outstanding guaranteed minimum payout.

[CanisMajor]

No, it would almost certainly have been an annuity, the money is gone when the annuity is first purchased. Essentially annuity providers are bookmakers gambling on how long someone will live when they retire, some you win some you lose. For example smokers can get a better rate when they retire because they have greater mortality. For an extreme example the money would also have been gone if they where both hit by a bus the day after the annuity was purchased.

[spudqueen]

If you were a dependent (eg aged under 18 years old), then you may have a claim. Other than that, no, not really.

This is actually one of the reasons that Greece is in such a mess as people could claim their parents pensions, so a pension could be paid out for 50 or more years. If the parent had worked for the Government then you can see how they have been leaking cash.