Friday, January 6, 2012
Do pension schemes have to pay out on death?
My Father died recently aged 63, and as per the (CPS) pension provider stated in his agreement, if he died before retirement age his dependants / nominated beneficiaries would receive a pension lump sum payout. Upon notifying the pension company they requested the relevant paperwork, however the administration company acting as trustees on behalf of the pension company has confirmed that their are no lump sum benefits to pay. Does anyone know how this can be when I have this in black and white or is this just one of those pension scandals. If this is the case how can international pension companies get away with this? I find this all very distressing, my Father worked all his life and I find it unfair that he or his dependants will not benefit from a company pension fund he paid into for so long. Please Help
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