PENSION BENEFITS
PENSION DEATH-IN-SERVICE BENEFITS
As an employee of the NHS, you have the peace of mind of knowing that your NHS Pension Scheme will pay a multiple of your salary to your next of kin should you pass away whilst employed within the Service.
This can provide welcome financial relief during an emotional and stressful time for your family – but what if some of this money went to people that you didn’t wish to benefit?
For example,
- If one of your children’s marriage ends in Divorce, would you really want an ex in-law to walk away with 50% of the money you left to your child?
- If your spouse remarries and has more children, would you want those issue to benefit equally from the legacy you left to your own bloodline?
- Should one or more of your children get into financial difficulties, would you be happy that Creditors could potentially claim 100% of their legacy?
- If your spouse has to go into care later in life, would you be happy that ALL of their savings and property could be lost to the costs of Long Term Care?
- Would you plan to give 40% of this Death-In-Service Benefit to the Government, potentially making them the principal beneficiary?
With some bespoke, yet inexpensive, Trust planning it is possible to place these funds into a protected environment. This will ensure that those that you want to benefit receive and retain 100% of their Inheritance, giving them full access to the funds and able to pass any residue down through the Family Bloodline without threat from Long Term Care Costs, Divorce or Bankruptcy.
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