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Pension Query for those in the know!

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  • 08-02-2012 11:00pm
    #1
    Leslie007
    Closed Accounts Posts: 1 ✭


    Hi guys,

    I have a query about my friend's pension and I was hoping those who know more about these things might be able to help.

    If I have a pension scheme with Canada Life which at the time of signing up for the scheme required me to agree to a 50% spousal death in retirement annuity. I have drawn down my lump sum years ago and my spouse since applied to drawdown the 50% which I have been contributing to since I started the scheme. She was refused and told she could not access this money nor can I because it is being held as the spouse's death in retirement pension.

    Can I drawdown this money if my spouse is willing to waive her entitlement? Or can my spouse drawdown this money in any circumstances other than my death?

    I can get no answers from Canada Life and am anxious to find out what should be happening.

    Help much appreciated.

    Thanks a million :)


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    #2
    coylemj
    Registered Users Posts: 25,342 ✭✭✭✭coylemj


    Don't know the law that covers such a situation but I suspect that Canada Life is covering their ass here because if the spouse's money is released and you then die, she could claim that she signed away her widow's pension under duress (i.e. you bullied her to sign) and that they shouldn't have paid out the money - you'd be surprised how people can retrospectively change their minds once they get good legal advice!

    If I was in Canada Life and had the decision in the matter I wouldn't pay out the money either.


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    #3
    HowFinancial
    Registered Users Posts: 71 ✭✭HowFinancial


    I'm reading between the lines slightly here, but from your post it appears that you have taken your retirement benefits through a Canada Life annuity(pension). This annuity provides you with a regular income which is guaranteed for the rest of your life. Upon your untimely demise your spouse would receive 50% of the income which you currently receive. Is this correct?
    If the above is correct then this sounds perfectly normal. I would be very surprised if Canada Life required you to take the 50% death in retirement spouses pension option. However, this is an option which would normally be offered at the time you drew down your benefits. Perhaps this was part of your original pension scheme rules (i.e. old employer's pension scheme rules)?


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