Getting married for a pension

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sevenhills
sevenhills Posts: 5,887 Forumite
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in Marriage, relationships & families
Not been going out with my girlfriend that long, but we have known each other for around 5 years.
I had a health scare last week, it got me thinking about my pension. I am single with grown up children, so my works pension, I have no partner to receive its benefit if I died.
I am healthy now, but you never know when your time is up. Would it be a good idea for more people to get hitched, just for the pension?
I love my GF by the way, would love to do it, we are both in our fifties.
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  • paddy's_mum
    paddy's_mum Posts: 3,977 Forumite
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    Make sure that it will pay out to any spouse. Many have half hidden conditions about only payable to the person you were married to at the time of your retirement or not payable to a spouse more than ten years younger than you... :D
  • Savvy_Sue
    Savvy_Sue Posts: 46,030 Forumite
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    Some will pay out to an unmarried partner, if nominated, or to named children.
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  • bouicca21
    bouicca21 Posts: 6,514 Forumite
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    It’s quite common. Lots of my friends are getting married for the sake of the pension!
  • maman
    maman Posts: 28,589 Forumite
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    I have a friend who married because her partner had a terminal diagnosis. It just made everything financial simpler when he died. Sorry to sound so morbid.

    They'd been together for years and were happy that way. I believe that he could have nominated her to receive his pension (possibly he had), willed her his property etc. but they found marriage the most straightforward way.
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
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    Whilst on the face of it marrying your GF could secure your pension being passed to her,make sure that if shes in the position of already receiving a widows pension because of a previous marriage,she wont lose that entitlement if she were to marry you...

    Apologies if theres no other previous spouse involved but its worth being clued up on both parties entitlements not just your own.
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  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    I'm not married to my OH. He has changed his pension to pay half the lump sum to me and half to his son when he dies. I've done the same. Didn't need to get married. Am I missing something?


    Do you mean that a pension continues to be paid monthly to a spouse?
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  • sevenhills
    sevenhills Posts: 5,887 Forumite
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    need_an_answer wrote: »
    Whilst on the face of it marrying your GF could secure your pension being passed to her,make sure that if shes in the position of already receiving a widows pension because of a previous marriage,she wont lose that entitlement if she were to marry you...

    Apologies if theres no other previous spouse involved but its worth being clued up on both parties entitlements not just your own.


    A widows pension is not something I had thought of.


    Myself and GF don't live together, its very early days to get married for emotional reasons, but it may happen in the future.
  • sammyjammy
    sammyjammy Posts: 7,389 Forumite
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    hazyjo wrote: »
    I'm not married to my OH. He has changed his pension to pay half the lump sum to me and half to his son when he dies. I've done the same. Didn't need to get married. Am I missing something?


    Do you mean that a pension continues to be paid monthly to a spouse?

    For most defined benefit pensions, yes.
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  • zagfles
    zagfles Posts: 20,323 Forumite
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    It depends on the pension.

    Nearly all defined benefits pensions will pay a spouses pension, sometimes reduced if the spouse is a lot younger eg > 10 years. If no spouse, some will pay to a partner but sometimes only if they are financially dependant. Some will pay children's pensions but usually only till they reach a certain age eg 18 or sometimes when they've finished uni. Some will have a lump sum as well (usually a small proportion of the pension value) which you can probably nominate anyone to have

    Defined contribution pensions are different, where basically they're just a lump of cash and you can nominate anyone to receive it on your death. Unless you've already bought an annuity with it, in which case it'll depend on the terms of the annuity you chose.

    So carefully research what scheme you have and its terms. In some cases it definitely is financially beneficial to marry. It'll also make probate a lot easier and potentially save IHT on death.
  • Archergirl
    Archergirl Posts: 1,767 Forumite
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    Do make a will as well,if your pension and everything else goes to your new wife, when she dies she can leave everything to whom ever she likes, so protect your childrens inheritance it seems only fair to them in this situation, I speak from bitter experience, my husbands father thought his second wife you do the right thing by his son but......
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