LV='s video: Bitesize Retirement FAQs: What happens to my pension when I die

What happens when you die depends on what pension you have. Firstly, let’s look at defined contribution pensions Here, if you die before you access your pension, or if you are accessing your money flexibly, then all of the money in your pot can be paid out to whoever you wish. If you choose to buy an annuity, a guaranteed income for life, then you must decide at the start whether it would continue to pay to someone else when you die. You can also include a guarantee that a certain amount of money will be paid out, whatever happens. If you die before age 75 then usually there would be no tax to pay. With defined benefit pensions, the benefits paid in the event of death vary from scheme to scheme. This often includes a pension for a spouse, partner, or dependent children but may also include lump sum payments. Now, there are exceptions to the rules, so it’s important to check with your pension provider, or get advice. It’s also important to let your pension provider know what you would like to happen when you die. Check out the other videos on our channel! LV= YouTube – Subscribe here | http://lv.social/fs5y Get social with LV=: LV= Facebook | http://lv.social/u5eq LV= Twitter | http://lv.social/Zp6P LV= LinkedIn | http://lv.social/Hv5Q LV= Google+ | http://lv.social/5cr3 LV= Instagram | http://lv.social/yN63 Check out some of our articles: LV= @Heart | http://lv.social/M9W7 Love life | http://lv.social/Wg1D Love retirement | http://lv.social/Tx2D Find out more about our products: Car Insurance | http://lv.social/E4ja Home Insurance | http://lv.social/yc48 Travel Insurance | http://lv.social/rs27 Pet Insurance | http://lv.social/Ws7i Classic car | http://lv.social/Bm2H Landlord insurance | http://lv.social/TF02 Motorbike insurance | http://lv.social/OG8B Caravan insurance | http://lv.social/48u4 Breakdown cover | http://lv.social/UQ7Q Life insurance | http://lv.social/pc33 Income protection | http://lv.social/Ca4O Mortgage & Lifestyle Protection | http://lv.social/RZ7o Critical illness cover | http://lv.social/B1oh Retirement wizard | http://lv.social/r7Wq Retirement plan | http://lv.social/mk0F Investment advice | http://lv.social/9dr3 Equity release | http://lv.social/SO2G Pensions | http://lv.social/ET6x Annuities | http://lv.social/xB2t & more | https://www.lv.com/about-us LV=, County Gates, Bournemouth, BH1 2NF, UK