Re: Pensions, What happens if pass away - Urgent help Req'd

sjane2008

Hi there.

1 Question I need to ask, and would greatly appreciate help!!

1) What happens in the event of my death and I have more than 1 pension in place (which I do!). Is it passed to my next of kin and how is it paid out/what happens to it?!

Thank You x

EdInvestor

The situation will vary depending on what type of pensions you have. For company pensions, check the scheme rules.For private pensions, if you have not yet started to take a pension income, the fund will normally be paid out on your death tax free to your nominated beneficiaries.

sjane2008

Thanks as I wasnt too sure if it was just for the person, ie they dont pay out

dunstonh

Ironically, with personal pensions, the way to get the most money out of them is to die the day before retirement