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What are the benefits of retirement planning after your death? It probably won’t surprise you to know that ‘it depends’ but in this video I want to give you the answers so that you can plan for the worst case and make sure you have everything in order.
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00:00 Welcome
00:43 Intro
01:02 DB pensions intro
01:49 DB pensions pre-retirement
03:45 DB pensions post-retirement
04:33 DC pensions intro
04:51 Dependants, Nominees and Successors
05:53 The form of the death benefits
08:06 What about tax?
09:08 Summary
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Retirement planning is an essential part of ensuring a financially secure future. As people approach retirement age, they often consider various aspects of their financial situation, including pension death benefits. A pension death benefit is a lump sum payment that is made to the surviving spouse or dependents of a pensioner in the event of their death.
Understanding pension death benefits is crucial for anyone who has a pension plan, as it can have a significant impact on the financial well-being of their loved ones. In many cases, a pension death benefit can provide much-needed financial support to the surviving family members, especially if the pensioner was the primary breadwinner.
The amount of pension death benefit can vary depending on the terms of the pension plan, as well as the specific circumstances of the pensioner’s death. Some pension plans may also offer the option for the pensioner to purchase additional death benefits, which can further enhance the financial protection for their loved ones.
It’s important for individuals to carefully review and understand the terms of their pension plan to ensure that their loved ones will be adequately provided for in the event of their death. In some cases, it may be possible to make certain choices or select additional options to optimize the pension death benefits for their family members.
Furthermore, it’s essential for individuals to keep their pension plan up to date with any changes in their personal situation, such as marriage, divorce, or the birth of a child. These changes can have a direct impact on pension death benefits, and it’s crucial to ensure that the designated beneficiaries are accurately reflected in the pension plan.
When planning for retirement, individuals should also consider other aspects of their financial situation, such as life insurance and estate planning. These additional measures can further enhance the financial security of their loved ones and provide peace of mind for the future.
Ultimately, understanding and carefully planning for pension death benefits is an essential part of retirement planning. By taking the time to review and optimize their pension plan, individuals can ensure that their loved ones will be well taken care of in the event of their death, providing a valuable financial safety net for the years ahead.
Hi thank you so much this is very helpful, I am became a
Widow 6 months ago , not sue what to do with his pension. I know his private pension will be over the current LTA by 150k what is the tax on it if I took the lump sum ? Or if I transfer the whole lumps sum into my name it can pass it on to my only child when I pass away ? I am very lost I never work I really don’t know what is the best to protect me and my child. If i take the monthly draw down for £1000 will that be the best option that I don’t have to pay a very expensive tax for over the LTA limited ? Thank you I. Advance
It's there any way to contact you.
Any videos on Executive pension plans and the death benefits if plan was pre 2006
When pension trustees deliberately and knowingly delay paying out to nominated beneficiaries of someone who died under 75 until after the 2 year tax free claim deadline can you sue them for the tax loss ?
My government pension from the US military and Veterans benefits will die with me. At 62 or 65, i will qualify for my Social Security pension. Im divorced and my son is an adult, so one will benefit from my pension. My son will inherit my TSP savings and what ever money left in my account and a large life insurance.
Confused now – I have a Defined Benefit, a Defined Contribution and a personal SIPP – I assume I can just nominate as per individual pension rules?
i have a small pension with royal london which started when i was 18, im now 41……. only paid into this for 4 years and have only recently found it out , i also have no plans to add more to it as im already in my works DC scheme…….. my question is based around the topic of pension beneficiary, if i choose never to draw on this pension and set up my daughter as a beneficiary after i die at say a happy go lucky 90 years of age, is this possible? would there be any hoops to jump through? my thinking is with what very little me and my wife have to other finances wise, i would like my daughter to receieve something every year from me after i die as like a yearly reminder that her dad will always be with her, many thanks
What's the difference between the Tory Government and Maxwell, ANSWER… NOTHING. BOTH WILL STEAL YOUR MONEY AND YOUR PENSION. When they do this, they always give themselves another 10% on top of their 20% pay rise. Time for the REFORM PARTY come the next general election.
Great video. One question. Can nominees be organisations like charities? If so any tax implications.
Re: UK State Pension when I die. I have a Thai partner of 25 years – we are not married and have one son aged 19 years. What I would like to know is… Can I nominate her as a beneficiary for my pension when I die – will or can she receive it? – Thank you.
I am single with no children. My brother will be my beneficiary but no longer lives in the UK and has no presence/bank account/tax bill here. He has three children. Will he be able to benefit from my pension when I die? Thanks
I'm pilipina married British… I lost my husband .. last yr almost 4 months end of this month my problem hw can I contk pention office .. our marriage is legal as bfr we get married. We been British embassy her in Philippines.. do I hve rigth to claim it.. pls help I need email of HMRC to call it's hard for me as I do t money left since. He died thank u sir pls need ur help
Hi Pete…. I'm pilipina married Brit cetizen… We're married here in phil legally…bfr we get married we go Brit embassy… And get our docs.. and after a month bruth embassy send us letter impedent.. so we get married..
My question is my husband died last yr Oct 31 2021
I email embassy send all docs to probe it that we're married
But no reply… I need help hw can I get my husband pention as a survival… I'm 59 yrs old
Pls help were to contact about my problem.. god bless
What happens if the pension provider refuses to pay to your nominated beneficiary?
Hi! 40 + years of final salary here with local council, if I were to die would my wife receive my full pension payment? If not am I best transferring my pension to a sipp so she can have it all
That's what should happen. As long as it's not in the hands of a Guernsey trustee
It sponsors a channel hopping rubber boater !
I have a reserved RAF pension, payable at 60, an old and currently not being used, private pension, a workplace pension and possible, state pension. Not good to say, but I really have no idea what I should do with any of these, if anything at all. A very difficult area of finance to navigate.
can you take the remainder of your pension after you have started getting your pension
Nice vid in explaining a difficult topic. So to just clarify my situation. I’m 58 years old and have a draw down pension of approx £130k. I have no intention of ever withdrawing even after 66 years of age as I have enough income from my property portfolio to let me sustain my life style. So based on your vid are you saying all my pension fund definitely go to my wife or son, when I die? Is that correct ?
Excellent video thanks very useful. If someone who died before age 75 had an occupational pension scheme and they were drawing pension, will the pension pot attract any IHT or is it free of IHT. Thank you
Can not affored to pay into a private pension got that. Not everyone works alot lost there jobs you need to earm alot off money to au into the penguins I can not affored life insurance I dont work
Very helpful video, thank you so much. I have two basic (I think!) questions, if you have the time to respond. Both are related to the situation where the pension is disbursed as a lump sum – no pension, annuity, or drawdown involved. No dependants involved – no spouse, children, etc.
Q1: I was struck by the implication that for a DC pension, a specific person or set of people would be named to benefit from the DC amount after the pension-holder's death. Can a pension simply be left to an estate, and distributed to the various people listed in the will (e.g., let's say the estate is left to 4 people according to specific proportions – say 50%, 20%, 20% and 10%)? And if so, would the pension be exempt from IHT if the total estate (including the pension) exceeds the IHT threshold? (Assume the rest of the estate is < IHT threshold)
Q2: Similar situation to the above (estate specifies the estate to be left to the 4 people proportionally). Would an expression of wishes lodged with the DC pension company, with a specified nominee, fall outside of the specifications of the will? So, say the pension-holder says all of the DC pension lump to be paid to person E (where persons A, B, C and D are the 4 people the remainder of the estate is left to)?
Thanks for any feedback – I'm enjoying the plain-speaking videos!
Hi Pete, I'm due to receive an inheritance of £15,000 from my late Step Dad's estate, would you recommend lodging it to a personal pension scheme or investing the sum. Many thanks
Much simpler in the case of a single person who does not have any dependents – you can't leave your pension in to anybody (e.g., a sibling), despite having contributed at the same rate as those with spouse, partners and/or dependents.
Well, funds will be remitted to my account.
So glad YouTube recommended you in my feed. Absolutely love your down to earth and tongue-in-cheek delivery.
The problem, Pete, and in the U.K. particularly, is the tens of millions who have no savings, no pension of substance and no assets at all. While we appreciate that your income is derived from managing the pensions of the few, who have been lucky via employment to benefit from final salary schemes, the majority who have not been enrolled early enough in any pensions at all, primarily by working for smaller private companies where there was no obligation to provide a pension at all, are now in an underclass who will retire in poverty. Most pension advisors I have met, will not get out of bed for someone, unless they have at least £250k in a scheme or with realisable assets. Unfortunately, no UK government can provide a solution for those who have little or no wealth on retirement. The only solution for those, is to work until they die, as it’s the only way to stay fed, watered and paying rent in London. How have I reached this conclusion? I am living proof!
Does an inherited pension count towards the recipient's Life Time Allowance?