State Pension - Does my wife get it if I die

Jimmycan

I will be at retirement age in 4 weeks and have a full state Pension (have been paying National Insurance for 45 Years.

If I die does my wige get part of my state pension. She does not work.

eskbanker

Jimmycan said:

I will be at retirement age in 4 weeks and have a full state Pension (have been paying National Insurance for 45 Years.

If I die does my wige get part of my state pension. She does not work.

It'll depend on a range of factors:

https://www.gov.uk/new-state-pension/inheriting-or-increasing-state-pension-from-a-spouse-or-civil-partner

Has she built up any entitlement to her own state pension?

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

Jimmycan

Hi Eskbanker. 

Thanks for your response. Yes she as also been working for over 35 years for our company but is 7 years younger than me so will not get her own pension for another 7 years. She will also lose her job if I die as the business is dependant on me being involved (I'm an IT consultant hence the reason I am asking)

molerat

Generally speaking if you are both post 2016 retirees then there is no inheritance of any state pension entitlement.  Even if there was it would not kick in until she reached state retirement age.  Post 2016 retirees rely on their own record.  Have you not made any pension plans outside of the state pension ?

xylophone

I will be at retirement age in 4 weeks and have a full state Pension (have been paying National Insurance for 45 Years.

Only a full NSP? No "protected payment"?

What exactly did your state pension forecast show?

Have you any pension provision over and above the state pension?

She does not work.

Yes she as also been working for over 35 years for our company but is 7 years younger than me so will not get her own pension for another 7 years. She will also lose her job if I die

Puzzled.

What does your wife's state pension forecast show?

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

Does she have any other pension provision?

See Page 15 here  https://assets.publishing.service.gov.uk/media/5a758e27e5274a6faebebd94/derived-inherited-entitlement.pdf

The new state (single tier) pension was introduced 6/4/16.  Full NSP is currently £203.85 a week. 

Jimmycan

@molerat
 Yes I have two Personal Pensions which have done quite well. My wife also has a personal Pension which is doing O'Kish

Jimmycan

@xylophone

Only a full NSP? No "protected payment"? DOn't know what this is.

What exactly did your state pension forecast show? £11.700

Have you any pension provision over and above the state pension? Yes 2 Personal Pensions

xylophone

Only a full NSP? No "protected payment"? DOn't know what this is.

What exactly did your state pension forecast show? £11.700

£11,700 per annum would indicate a state pension of around £225 a week.

A full NSP is currently £203.85 a week.

The amount over a full new state pension is your "protected payment".

Next April, the full NSP will increase by  8.5% (correction see below)  while the protected payment will increase by 6.7%.



With  regard to inheritance of "protected payment" see link in my previous.

p00hsticks

xylophone said:

Next April, the full NSP will increase by 10.7%

@xylophone - the state pension increase from April 2024 under the triple lock has been announced as 8.5%

xylophone

Yes I have two Personal Pensions which have done quite well. My wife also has a personal Pension which is doing O'Kish

Have you each nominated the other as a beneficiary?

https://techzone.abrdn.com/public/pensions/death-benefit-nominations

xylophone

the state pension increase from April 2024 under the triple lock has been announced as 8.5%

Many thanks - you are quite right - I was distracted by another chart I had on screen.  I have corrected!