Money in the event you both die at the same time?

Emmia

B0bbyEwing said:

How do you find out what sort your pension is then?

For me I'm dealing with my private one with Fidelity & workplace one with NOW Pensions.

OH has private with Fidelity, old workplace with Nest & current workplace via NHS.

That should be in the scheme information, and quite possibly in the scheme FAQs

The difference between a Defined Benefit (DB) scheme (pension income is guaranteed) Vs a Defined Contribution (DC) scheme (pension income depends on level and performance of investments) is pretty fundamental.

Simplistically 

DB schemes normally only pay out to a living spouse / civil partner - and sometimes now a named living unmarried partner. There is no "pot" to inherit further or transfer, but your income is guaranteed - this is why seeking to move money from a DB to a DC is so expensive and difficult. DBs are essentially insurance policies, the contributions of those who die younger / claim less pay for the pensions of those who live to a ripe old age.

So with a DB if you both die in the same plane crash, that's it. irrespective of how much someone paid in. The schemes may also provide money to dependent children up to the age of 21. 

DC schemes have a "pot" made up of your contributions, which could potentially be inherited further, depending on scheme rules.