Pension Inheritance: a boring topic you can’t afford to ignore
If you find the words “pension” and “inheritance” boring enough on their own, you might think putting them together is like watching paint dry while listening to a podcast about birdwatching. It’s a subject that doesn’t spark a great deal of excitement, but much like signs for wet paint and avian flu, ignoring it completely is a major mistake.
A survey by Money and Pensions Service shows that more than half of people don’t know what happens to their pension when they die. Given that most people contribute to a pension pot for decades, it’s crucial to understand where that money goes after retirement. Does the remaining money disappear in a puff of smoke? Thankfully not for those who have nominated beneficiaries. Nominating a beneficiaryBeneficiaries are the lucky folk (or organisations) who will receive the remaining balance of your pension when you die. You need to nominate beneficiaries online via your pension account. You can nominate any person or…