My Dad had received pension and annuities, when he retired, he has since passed mom was beneficiary. Should she be entitled to them?
- car253Lv 79 months ago
There is a difference between Pensions and Annuities. A pension you get when you retire from your employer. A pension sometimes a spouse call collect on and sometimes not. You have to check with the employers.
An Annuity is like a savings account. You either purchase it for a reduce amount and when it matures at a certain age or years you collect the whole amount. There is also a different type of annuity that you pay a one lump sum and you collect money for a certain amount of years or age. That is called an Immediately annuity because you pay into the annuity a large one lump sum and then start getting payments immediately from it. Sometimes a spouse will get the remaining payments, sometimes not. Depends on the type of annuity. One kind gives Right to Survivor. You have to know what kind of annuity you have.
If you are not sure which life insurance company your dad had for an annuity you can check with the Department of Insurance in your state or Insurance Commissioner in your state for help.
- curtisports2Lv 79 months ago
If she is shown on his paperwork as beneficiary, she is entitled to whatever benefits are available. Pensions and annuities do not automatically transfer in the same amount as what the deceased was collecting. My wife will get 55% of my annuity if I predecease her.
- zipperLv 69 months ago
That all depends on how their system is set up; that is a may be yes or may be no question. Call the Union or Human Resources and ask them directly. They know what the assigned agreement is. We have no idea, I do hope so for her shake!
- Casey YLv 79 months ago
Depends on the pensions and what was elected. I have seen quite a few where the pensioner can elect a higher payout, but their spouse gets nothing...
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- squeezie_1999Lv 710 months ago
Completely depends on the details and conditions of your dad's pension and annuities. If he set them up with survivor benefits (and took less during his life as a result), the answer is yes and your mom should contact the providers. If he did not, then there is no way to go back and change the terms. First step: your mom should get a hold of the agreements and policies and study the terms (with a knowledgable advisor lawyer/accountant).
- babyboomer1001Lv 710 months ago
It is not a matter of should. She IS entitled to them.
- BLv 710 months ago
best to contact the companies involved, not all pensions go to the spouse since that is an election the pensioner makes at the time of getting the pension.
- A HunchLv 710 months ago
On the annuity, it passes to the beneficiary. If there isn't one, it goes to next of kin.
On the pension, it depends. With my grandfather's pension, he had a choice on how to select it:
- lump sum (single amount for him to do what he wants).
- 20 years with right of survivorship (which means whoever is the next of kin - spouse, children, etc) would continue to receive it
- lifetime of pensioner or spouse
- lifetime of pensioner
All of these came with different payout amounts.
Once selected, it can't be changed.
- 10 months ago
He had worked for over 46 years with General Electric
- Anonymous10 months ago
Um...what do you think SHE is going to LIVE ON...duh....