Pension Help

Potkins

hello there - I wonder if anyone can give me some advice.

I have had various pensions over the years - some with companies i worked for and a private one with Barclays Bank while I was a freelancer.

My wife doesn't have a pension at the moment and I'm concerned for her future - if i die before her will she be able to claim my pension money after I'm gone?

Thank you,
Potkins

kidmugsy

(i) If they are money-purchase schemes, all you need to do is nominate her to receive them. If you've not completed the forms, just ask the providers for them.

(ii) If you have a DB scheme, ensure that they know of your wife's existence and address. See whether they offer "allocation" whereby you forgo some of the pension so that they pay a bigger widow's pension.

(iii) Start contributing to a pension for your wife.

Potkins

Thanks Kidmugsy for your help. Could i also ask if it's better for me to consolidate all my pensions together? Or will that lose me money.
Thank you,
Potkins

xylophone

When do you and your wife reach state pension age?

Is your wife currently employed?

Are you currently employed?

Was your wife in a pension scheme at any point in her working life?

You had a personal pension run by Barclays - is this now with an insurance company?

What kind of pensions ( DB/DC) were the schemes with previous employers?

Potkins

When do you and your wife reach state pension age?
about another 20 years for both of us

Is your wife currently employed?
no

Are you currently employed?
yes

Was your wife in a pension scheme at any point in her working life?
yes

You had a personal pension run by Barclays - is this now with an insurance company?
not sure i will need to check

What kind of pensions ( DB/DC) were the schemes with previous employers?
will have to look into this too.

Thank you Xylophone

kidmugsy

Potkins wrote: »

Thanks Kidmugsy for your help. Could i also ask if it's better for me to consolidate all my pensions together? Or will that lose me money.
Thank you,
Potkins

Can't generalise. You'd need to tell us more about them.

xylophone

You should each obtain a new state pension statement.

https://www.gov.uk/check-state-pension

https://www.gov.uk/new-state-pension/how-its-calculated

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181235/derived-inherited-entitlement.pdf see p15.

bigfreddiel

As well as above log on to your personal tax account, it's all in one place then, plus more. Just google for it

fj

atush

Originally Posted by Potkins View Post
Thanks Kidmugsy for your help. Could i also ask if it's better for me to consolidate all my pensions together? Or will that lose me money.
Thank you,
Potkins

No, if any of these are DB pensions. If they are PP or similar it will depend on your answers to post 6

Start a PP for your wife, putting in 2880/year which the govt grosses up to 3600.