Non financial - how to prepare for retirement

Neasy

... 

So for all those complacent couples out there - women have a longer life expetency than men.  Please, please make sure that your widow is well provided for.  And reading these forums I do think most of you take this into account.
... 

Thank you PennyForThem_2 for this reminder and sorry for your loss. I will check ASAP. 

MallyGirl

My husband often jokes that he is worth so much more dead than alive and he should be checking for banana skins on the stairs. This is only true though if he goes while in employment (they give 8x salary as standard). After we retire it will just be down to me to manage the DC pots as he has no DB. Same goes for him as my only DB is less than the fuel bill so 50% is not going to make a difference either way.
We do still need to make sure that we keep paperwork up to date - and need to sort out POA stuff

hugheskevi

MallyGirl said:

My husband often jokes that he is worth so much more dead than alive and he should be checking for banana skins on the stairs. This is only true though if he goes while in employment (they give 8x salary as standard). A

We are in a similar position. If either myself or wife die in employment then as a result of death in service lump sum plus enhanced survivor benefits whoever survives would be in an amazing position.

We plan to take DB pensions very early with 35% reduction and survivor pension is based on the reduced pension once it is put into payment, so if either of us dies after leaving service but before we take the pension then again the survivor would be very well-off.

Death within 5 years of taking pension benefits from a guarantee, so dying shortly after taking pension gives a helpful amount extra.

Death before State Pension age means the survivor would have all of the remaining DC.

So the worst case scenario would be one of us dying at State Pension age, then no enhancements or lump sums apply and the survivor benefit is only 37.5% (an area where DB pensions can be significantly worse than the death benefits in DC). Fortunately we can exchange pension for higher survivor pensions, which is a good solution for us to protect against early death.

ex-pat_scot

hugheskevi said:

MallyGirl said:

My husband often jokes that he is worth so much more dead than alive and he should be checking for banana skins on the stairs. This is only true though if he goes while in employment (they give 8x salary as standard). A

We are in a similar position. If either myself or wife die in employment then as a result of death in service lump sum plus enhanced survivor benefits whoever survives would be in an amazing position.

We plan to take DB pensions very early with 35% reduction and survivor pension is based on the reduced pension once it is put into payment, so if either of us dies after leaving service but before we take the pension then again the survivor would be very well-off.

Death within 5 years of taking pension benefits from a guarantee, so dying shortly after taking pension gives a helpful amount extra.

Death before State Pension age means the survivor would have all of the remaining DC.

So the worst case scenario would be one of us dying at State Pension age, then no enhancements or lump sums apply and the survivor benefit is only 37.5% (an area where DB pensions can be significantly worse than the death benefits in DC). Fortunately we can exchange pension for higher survivor pensions, which is a good solution for us to protect against early death.

Ditto. I think the (small) DB scheme, plus death-in-service, would yield close to £1m.
That's quite a target I've just painted on my back...

Clearly they'd get the full DC amounts as well.
I'm going to have to start employing a food taster I think.