PTM071300 - Death benefits: essential principles: definition of nominee and successor
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Glossary |
Following the death of a member a pension may be paid from a money purchase arrangement to a nominee.Ìý Schemes may pay a nominees바카라 사이트™ pension in addition to, or as an alternative to paying a pension to a dependant.Ìý A money purchase arrangement may also pay a pension to a successor following the death of a dependant, nominee or another successor.Ìý Where there is more than one nominee or successor, pension schemes can choose to pay a pension to each nominee or successor.Ìý Who may be paid a pension will depend on the terms of the pension scheme.
Meaning of 바카라 사이트˜nominee바카라 사이트™
Authorised benefits payable to a nominee
Meaning of 바카라 사이트˜successor바카라 사이트™
Authorised benefits payable to a successor
Meaning of 바카라 사이트˜nominee바카라 사이트™
Paragraph 27A Schedule 28 Finance Act 2004
Only an individual can be a nominee.Ìý
A dependant of the member cannot be a nominee.Ìý For this purpose, the definition of dependant does not include a child of the member age 23 or older unless they are a dependant because of physical or mental impairment, or the transitional provisions described in PTM071200 apply.
To be a nominee that individual must have been nominated by the member to receive benefits under the arrangement following their death.
An individual can also be a nominee if they have been nominated by the scheme administrator to receive benefits following the death of a particular member.Ìý Such a scheme administrator nomination will not be valid whilst there is a dependant or an individual or charity nominated by the member to receive benefits following their death.
Authorised benefits payable to a nominee
Authorised benefits are payable to an individual in their capacity as a nominee only following the death of a member.Ìý The only authorised benefits payable to an individual in their capacity as a nominee are:
- nominees바카라 사이트™ annuity 바카라 사이트“ see PTM072200, and
- nominees바카라 사이트™ drawdown pension 바카라 사이트“ see PTM072400.
Meaning of 바카라 사이트˜successor바카라 사이트™
Paragraph 27F Schedule 28 Finance Act 2004
Only an individual can be a successor.Ìý To be a successor that individual must have been nominated by a dependant, nominee or another successor of the member to receive benefits under the arrangement following their death.
An individual can also be a successor if they have been nominated by the scheme administrator to receive benefits following the death of a particular dependant, nominee or successor (the beneficiary).Ìý However, the scheme administrator nomination will be valid only if after the beneficiary바카라 사이트™s death there is no individual or charity nominated by that beneficiary.
Where an individual who is a successor to a member is also a dependant of the member, in their capacity as a successor they are not treated as a dependant.
Authorised benefits payable to a successor
Authorised benefits are payable to an individual in their capacity as a successor following the death of a dependant, nominee or another successor.Ìý The only authorised benefits payable to an individual in their capacity as a successor are: