More than half of people don’t know what happens to their pension when they die.
New research from the Money and Pensions Service suggests that more than half of people across the UK don’t know what happens to their pension when they die. The survey of 2,561adults found that just 41 per cent of people are aware that the money would go to their nominated beneficiary in the event of their death.
MaPS is urging everyone with a pension to check their beneficiary to make sure they have named the people they want to receive it. Otherwise, they run the risk of loved ones losing out to someone who’s no longer part of their life, such as an ex-partner from years before. Top Money Stories Today Commenting on the findings, Jackie Spencer, Head of Pensions Policy at the Money and Pensions Service, said: “It’s a difficult topic to think about and no one expects the worst to happen to them, but it’s absolutely crucial that we make plans in case it does. People come in and out of our lives and if you have someone you no longer want as your beneficiary, they could end up benefitting at the expense of the loved ones you’ve left behind.
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