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I have a question about inheriting a direct contribution pension pot where there was no expression of wish in place:
My father had a direct contribution pension pot when he passed away. There was no expression of wish in place and the trustees, expectedly, opined that the pot should be paid out to my mother. My father was under 75 so the pension pot is able to be withdrawn as a tax free lump sum. Is there a way of having the pension to pass directly to the children, as if there were an expression of wish in place to this effect? If my mother were to decline the benefit from the pension provider, would the trustees of the pension then likely allocate the pension benefit to the next most direct relations?
My father had a direct contribution pension pot when he passed away. There was no expression of wish in place and the trustees, expectedly, opined that the pot should be paid out to my mother. My father was under 75 so the pension pot is able to be withdrawn as a tax free lump sum. Is there a way of having the pension to pass directly to the children, as if there were an expression of wish in place to this effect? If my mother were to decline the benefit from the pension provider, would the trustees of the pension then likely allocate the pension benefit to the next most direct relations?
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