We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Annuity pension Question
Options

markbe
Posts: 6 Forumite
Good morning all,
I am about to take my annuity pension which gives my wife 50% when I die.
However my wife asked last night, if she dies first, does my pension revert to me only,
ie, increases back up to what it would have been without her on at 50%.
Mb.
I am about to take my annuity pension which gives my wife 50% when I die.
However my wife asked last night, if she dies first, does my pension revert to me only,
ie, increases back up to what it would have been without her on at 50%.
Mb.
0
Comments
-
If your wife dies 1st your pension will stay at 100% for as long as you live.0
-
My understanding is that once the annuity is purchased, its more like an insurance policy - it continues to pay out for the circumstances selected at the beginning, so if you wife dies first, you continue to get the same amount, no more.
You're effectively "insuring" against the possibility of you dying first - if that doesn't happen, its not the annuity provider's problem.0 -
One assumes you are using an IFA to get the annuity (as IFAs get the best rates unless it is a guaranteed annuity rate). Ask the IFA to quote 100% spouse as well as 50% spouse as since G Day (the day gender was no longer allowed to be considered) the price difference between 50% and 100% became a lot smaller. There are also a number of revised annuity options since the pension freedoms came in. Most are only available on the open market option. Not when you buy direct from existing provider.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards