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 wishes 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, the fee will be greater where there are multiple beneficiaries or the identification of beneficiaries is more complex.
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 become payable to a beneficiary when a member dies.
In the event of death, benefits may be retained and continue to be invested via the Momentum Scheme and the beneficiary has the flexibility to request the payment of these benefits whenever they like. This way beneficiaries continue to benefit from all the tax exemptions offered by Maltese Pension Schemes. Alternatively the death benefits can be paid as a lump sum 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 keep the beneficiary details up to date and also to ensure the member has a will in place.
The Trustees will decide how the death benefits will be paid and to whom, taking into consideration the members’ wishes as noted from their most recent expression of wishes, together with any other documents or information that the Trustee wish to take into consideration (such as the will for example).
No. Pension death benefits do not generally form part of the member’s estate and are therefore not distributed in accordance with the terms of their will. However, the Trustees may take the will into consideration when determining how benefits should be paid. Death benefits are paid in accordance with the Scheme Rules and, where applicable, at the discretion of the Trustees.
Where the benefits are retained within the Momentum Malta Scheme and paid as and when required by a beneficiary income, no Maltese tax is payable on the investment growth (income or capital gains). Beneficiaries may elect to draw down these death benefits as required, either on a regular basis or as ad hoc lump sum payments, and no Maltese income tax is applicable based on current understanding of the relevant legislation.
Additionally, Maltese Income Tax is not payable on a lump sum death benefit paid directly to a beneficiary following the death of a member.
In line with the Malta Rules, beneficiaries who retain the benefits in the Scheme can appoint an Investment Adviser and/or Investment Manager. Further information on the operation of the Scheme and legal requirements are detailed in the Scheme Particulars, which can be found in the literature section of our website.
Annual Trust fees will continue to apply until the benefits are distributed or where the the benefits are retained within the Scheme, and are as detailed in our Fee Schedule, which is also available in the literature section of the Momentum website. The appointed investment adviser will be able to advise the beneficiary in relation to their investments and any applicable investment-related fees.
Beneficiaries are responsible for confirming their tax residency and declaring any other relevant tax circumstances, including citizenship and domicile for tax purposes. Tax and reporting obligations may also apply in the beneficiary’s country of tax residence or in another jurisdiction. Beneficiaries should seek independent tax advice to clarify their personal tax position.
Yes. While the Trustees are not bound by an expression of wishes, it remains one of the key considerations that the Trustees will review when deciding who should receive the death benefits. Keeping a members expression of wishes 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 from a qualified tax adviser before deciding which option to choose so the tax implications are fully understood. We also recommend discussing the potential tax benefits of retaining the benefits within the Momentum Scheme. Tax may apply in the jurisdiction of tax residency/domicile of the deceased member and/or beneficiary.
We strongly recommend you seek financial and tax advice from a qualified tax adviser before deciding which option to choose so the tax implications are fully understood. We also recommend discussing the potential tax benefits of retaining the benefits within the Momentum Scheme. Tax may apply in the jurisdiction of tax residency/domicile of the deceased member and/or beneficiary.
