SINGLE

JoeCrystal

Being single does have its disadvantages in term of living cost like it is cheaper for a couple to live. At least you can nominate anyone you like on DC pension schemes in case of death.

OldBeanz

My wife and I are both in the same DB scheme so it is unfair they will only pay out one widow or widowers pension.

Silvertabby

Pension fund number crunchers make certain 'assumptions' when calculating the affordability of a pension scheme, and the setting of the accrual rate and contribution levels.  One of these assumptions is that X% of scheme members will die without eligible beneficiaries.

When schemes extended survivor's pensions to unmarried co-habiting partners, the number crunchers jiggled the figures - but the changes weren't that much different from, I think, 20 years before when most co-habiting partners would have been married anyway.

Extend the 'pension for life' entitlement to  anyone, however, and the numbers just wouldn't stack up.  At best, accrual rates would drop and contributions rise, at worst it really would be the end of defined benefit pension schemes (including in the public sector).

This is the way of all pensions - DB and annuities.  Those who die early/without beneficiaries help to pay the benefits for those who live to 100.  

  

xylophone

This is the way of all pensions - DB and annuities

You can look at the DB pension as working somewhat like an insurance policy - people who don't lose the roof to Storm Dennis are covering those who do....