Losing someone close to you is incredibly difficult. We understand this can be an overwhelming time, and that dealing with financial matters may feel difficult.
At Momentum Pensions, we’re here to support you. We’ll guide you through each step clearly and at a pace that works for you, with care and understanding.
The information on this page is designed to support you following the death of a Momentum Pensions member, with guidance on what to do next.
If you need to notify us of the death of a Momentum Pensions member, please contact us as soon as you feel able.
To begin the process, please:
To avoid delays, please ensure all sections of the form are completed and all the supporting documents are included when you send your email.
If you’re unsure about anything, please contact us. We’re here to guide you through the process.
Once we receive your completed form and supporting documents, we will:
Once all documentation has been received and checked, we will consider the case and make a decision on the distribution of benefits.
Following this:
We will notify the investment company of the member’s death. Each company has their own requirements and processes.
We’ll keep you informed throughout the process. If we need anything further, we’ll contact you in the way that suits you best.
If you’re a Momentum Pensions member and are dealing with the loss of someone close to you, please let us know.
We understand that bereavement can affect how you manage your finances and communicate with us. Our team is here to support you and can make reasonable adjustments to ensure we handle your account with care and compassion.
This may include:
We understand that this is a difficult time and we aim to process death benefit payments as quickly and smoothly as possible.
The time taken to pay benefits from a QROPS can vary depending on the circumstances of the case, such as the number of beneficiaries, the existence of an up-to-date expression of wish (EOW) and any other required supporting documentation, and the type of assets and investment held in the QROPS.
Yes. The work involved in assessing and distributing death benefits sits outside of our standard administration fees. The standard fee is £750, however for complex cases, additional fees will be applicable on a time costed basis at the relevant prevailing rate.
No, currently death benefits sit outside the estate of a deceased person and as such we do not need probate.
Death benefits are the pension benefits that may become payable when a member dies.
In the event of death, benefits may be paid as a lump sum or used to provide pension income to a member’s beneficiaries. Members may nominate the individuals they wish to receive benefits on the application form and can review and update their nominated beneficiary(s) (including their contact details) using the Momentum Pensions Member Portal. It is also strongly advisable to seek advice on ensuring they have a Will in place.
Should the beneficiary elect to keep their pension with Momentum Pensions as a beneficiary pension, the beneficiary income payment will be based on the UK Government Actuary Department (GAD) rates.
The administrator will decide how the death benefits will be paid and to whom, taking into consideration the members’ wishes as noted from their most recent nomination of beneficiary as stated on the nomination forms or updated on the Momentum Pensions Member Portal as relevant. This discretion is an important part of how pension death benefits are administered.
Pension death benefits do not follow the terms of a will because they are not governed by a will, however, the will is taken into consideration. Pension death benefits are generally paid under the scheme rules and trustee discretion, rather than under the member’s will.
No. Gibraltar tax is payable within the fund on income and capital gains and there is no domestic Gibraltar tax on a lump sum payment to a member’s beneficiaries on death. Income payments are taxable in Gibraltar at 2.5%, which is deducted by us prior to the payment of any income to a member or beneficiary.
Full details of income payments and tax deducted is reported annually to the Gibraltar Income Tax Office. Tax and tax compliance requirements may apply in the member’s (or beneficiary in the case of a payment on the death of a member) country of tax residency or other jurisdiction that a liability to tax may arise at the time of payment of benefits.
All payments are subject to the Gibraltar Tax Office approval.
Where a member dies before age 75, pension death benefits can usually be paid tax-free only if the provider designates or pays them within two years of being told about the death.
Yes. While Momentum Pensions are not normally bound by an expression of wish, it remains one of the key documents they will consider when deciding who should receive the death benefits. Keeping nominations up to date after major life events such as marriage, divorce, children or bereavement can help ensure the trustees understand the member’s current wishes.
Yes. We strongly recommend you seek financial and tax advice. The tax treatment of pension death benefits can depend on the member’s age at death, the type of benefit paid, the timing of payment and whether any allowance remains. Where larger benefits are involved, or where benefits may be split between beneficiaries, personal tax advice is usually sensible.
