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Hi All,
I have received a letter from AON, who my mum had a pension with, stating myself & my 3 other siblings are entitled to 25%of a ‘lump sum’ amount. We have all had to send our bank details off (the moneyfor my 2 younger siblings who are 11 & 13 will be held in trust for them).There is no mention of the amount the lump sum will be. Onthe original paperwork, it stated that the death payment amount would be£130,000 if my mother passed away before retirement age, as she was only 45this is the case. My mum did not have a will or any life cover etc. as herdeath was very unexpected so it has all been up in the air.
I do not believe it will be this amount as my step dad isnow entitled to an annual payment from her pension of £2500. He is only 44 sothis will be ongoing for a long period of time. I am not sure if this meansthey have worked out the amount we are due from what would be left from payinghim £2500 for x amount of years?
I am wondering how long the payment will take to comethrough once they receive all the forms and if I will be taxed on it?
I hope I do not appear callous as this is not the case atall, I am just worried about my tax as I am on a low income.
Any help answering this would be much appreciated.
I have received a letter from AON, who my mum had a pension with, stating myself & my 3 other siblings are entitled to 25%of a ‘lump sum’ amount. We have all had to send our bank details off (the moneyfor my 2 younger siblings who are 11 & 13 will be held in trust for them).There is no mention of the amount the lump sum will be. Onthe original paperwork, it stated that the death payment amount would be£130,000 if my mother passed away before retirement age, as she was only 45this is the case. My mum did not have a will or any life cover etc. as herdeath was very unexpected so it has all been up in the air.
I do not believe it will be this amount as my step dad isnow entitled to an annual payment from her pension of £2500. He is only 44 sothis will be ongoing for a long period of time. I am not sure if this meansthey have worked out the amount we are due from what would be left from payinghim £2500 for x amount of years?
I am wondering how long the payment will take to comethrough once they receive all the forms and if I will be taxed on it?
I hope I do not appear callous as this is not the case atall, I am just worried about my tax as I am on a low income.
Any help answering this would be much appreciated.
