ICR176: What Happens To My Pension When I Die?

Today on the podcast, I'm talking about what happens to your pension when you die.

I know it's a morbid subject, but it's so important. Our pensions are usually the second biggest asset in our lives, after the value of our homes, so from a financial perspective, it's important we take them seriously, both during our lifetime and when planning for our death in the future. I'm talking about this today after the recent Supreme Court ruling on pension death benefits which marks a major extension of unmarried cohabitees’ rights and could affect millions of families.

In this episode, I start by talking about that Supreme Court ruling and what it means for unmarried couples, then look at pension death benefits more generally, before finishing with some specific action steps you need to consider to get your own pensions in order from the perspective of death benefits.

Personal finance news update

-Price inflation has risen to its highest rate for two-and-a-half years.

-Wages grew faster than the rate of inflation at the end of 2016, according to the latest official figures.

-Average incomes for pensioner households after housing costs now exceed those of working-age people.

-UK consumers are leaving over a billion pounds to sit idle in current accounts.

-Research from Co-op Insurance has revealed that 91% of homeowners think their house value has increased since they bought it - by an average of £33,125.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

Aftershow links

-Reimagining the Laws of England exhibition at Cranleigh Arts Centre

-The 10X Rule: The Only Difference Between Success and Failure by Grant Cardone