December is the time of year we become more conscious of our family and our gratitude that they are in our lives. We are scouting for gifts to celebrate the connection, and the television is full of Hallmark movies.
There is nothing more important than ensuring our family are looked after should the unspeakable happen. Here we explore how your life partner is protected by your pension in the event of your passing.
What is considered a life partner?
Times have changed, and no longer can the definition of life partner be the person we married. It is also accepted now in law that your life partner can be the same sex as you are.
The person who can receive your death grant includes your spouse, civil partner, or qualifying partner. The qualifying partner is the person you have been in a relationship with, but they must meet a set of criteria. You must marry or formal civil partnership with this person, so they cannot be married or in a civil partnership with someone else. You will need to be living with each other as if you are married or in a civil partnership, and no other person you have been living with this way. Finally, you and your partner should be financially interdependent, or your partner is dependent on you.
There is a list of evidence available to help you prove that this person is your life partner.
It might be that you do not have a life partner, or you wish to nominate someone else to receive the benefit. It is possible to nominate more than one person and apportion a percentage of the monies simultaneously. There is a nomination form on the Teachers’ Pension Scheme website, and you can ask your employer for the appropriate form, too.
If you do not have a partner and there is no nominated person, the monies will go into your estate and be distributed as per the rest of your legacy.
Ensuring the people you care about are well looked after with a lump sum, and potentially an ongoing pension is important. It might be that this is a gift for the far future you can organise now.
The content in this article was correct on 29th November 2021. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on your teachers’ pension scheme, as well as financial matters in general. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.