Nominee for bank account and pensions

whizkid9 · 13-01-2019 05:19PM #1

Is it possible to specify a nominee for my current account and pension savings? If so how do I do it ?

shar01 · 13-01-2019 07:35PM

Contact your banking / pension provider. Different place have different rules.

Credit Union I'm in allows for payment of savings to nominee if less than €15k, otherwise it's Probate.

My pension scheme will only pay a survivor's pension to a spouse or civil partner.

nuac · 13-01-2019 08:34PM

As Shar01 says Credit Union members may nominate a successor to their savings account ( shares )on death subject to certain limits and conditions
That power derives from the Industrial and Provident Societies Act 1893. Back then the amounts individual balances were small. Most of the members of those societies would not have much assets and therefore little need to make a will. That historically was the reason for the power to nominate.

As a solicitor I have advised some credit unions against using these nominations.

Some CU officers and staff have got involved in disputes alleging undue influence or other informalities in the execution and recording of these nominations.

CU Directors are still voluntary officers. CUs in Ireland have been a very successful voluntary movement since they started about 1958. The legal obligations and regulations imposed on CU directorsand staff have always been onerous but have iincreased greatly in recent years.

Far simpler from the CU's POV to advise members to make wills.

L1011 · 13-01-2019 10:00PM

Tangential to this - my employer offers a very generous death in service benefit - it works out to about a quarter of a million for me. Paid from their own assets (which are significant). You can assign it in percentage points where you want; but no mortgage provider will take that assignment in lieu of mortgage protection unfortunately.

I presume that will be CAT liable and with the same classes as if it was a bequest from me? If not I may need to assign it to more people to reduce my value-when-dead to someone :pac:

Marcusm · 13-01-2019 11:56PM

Death in service benefit does not form part of your estate and is not a bequest from you to the recipients.

Nominee for bank account and pensions

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