Valuing a pension
You will need to include a valuation for any pension that makes a lump sum payment on death. A pension that provides for an ongoing annuity to a surviving partner will not need to be included.
A pension may be a workplace pension, sometimes called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions, which are arranged by an employer.
Alternatively, a pension may be a private pension, sometimes called a ‘personal’ or ‘stakeholder’ pension which is usually arranged by the individual.
You will need to check what type of pension arrangements the deceased person had and then write to the providers, enclosing details of the pension and a copy of the death certificate and request a calculation of the final statement on the pension. You should also ask for exacts details of the pension as each one will be different.
Pension tracing service
If you think that the deceased person had a personal or occupational pension which is missing or ‘frozen’ you should check with the Pension Tracing Service.
Valuing a life insurance policy
A payout from a life insurance policy will need to be included in your valuation. If a life policy doesn’t have a payout on death but is written in trust for a named beneficiary, the policy does not form part of the deceased’s estate and will not be included in the valuation.
You will need to check whether the deceased person had life insurance and whether there was provision for a payout on death.
You should then write to the insurance company enclosing details of the policy, a copy of the death certificate and ask them to confirm the precise details of the policy and specifically the benefits on death.
If the life policy was written in trust for a beneficiary then the payment due under the policy can usually be made to that person right away.
Please note that information which we provide through Lasting Post is in outline for information or educational purposes only. The information is not a substitute for the professional judgment of a solicitor, accountant or other professional adviser. We cannot guarantee that information provided by Lasting Post will meet your individual needs, as this will very much depend on your individual circumstances. You should therefore use the information only as a starting point for your enquiries.