Dependant's pension query

[condor]

My deferred company pension gives a very decent 50% of my pension if I pop my cloggs to my spouse.
I haven't got a spouse, so could I get a better pension if I removed this very generous benefit ?
I've read all the terms and conditions and it doesn't appear that I can, would a new pension provider mean I could get a higher benefit for myself as I have no spouse.?

[ellroy]

Deferred FS scheme I take it?

[condor]

Yes, a final salary scheme.

[anonymous-user]

Jist been through this with the wife. She can nominate someone other than a spouse (I believe this was i produced for civil partnerships and same sex oartners) but she can't swap it to increase pension. I guess it's because they're taking the punt that in many cases the spouse will die first so they'll save money anyway.

Pity we can't do this as I won't need it if she does die but the money would he useful now

[ellroy]

The benefits for a FS scheme are set, typically no additions or changes can be made to those stipulated. If you moved out of the FS scheme you’d get a value to buy the equivalent benefits effectively on the open market. So if you didn’t need one or more you’d essentially be better off in terms of buying what you did need.

However, it’s a big risk, you give up guarantees, take on risk and take on costs with no certainty that what you’ll end up with in the future will be as good as what you’ve given up.

It may, I stress may, be worth considering depending upon your circumstances, knowledge, age, risk appetite and other assets, but the starting point should be stay where you are.

If you do want to look at it seek out an IFA working for non-contingent fees, but it will cost you to get the work done well.

[condor]

Thanks ellroy It was just a thought and you've made my understanding of the situation a lot clearer.