Every September, Pension Awareness Week helps to raise awareness of the importance of pensions and improve the financial well-being of people across the UK in their retirement.
This year, Pension Awareness Week is running from Monday 11th September to Friday 15th September.
When clients come to see us to make a Will or for estate planning, we recommend that they also review their pensions. Whilst working and before receiving a pension income, it can be quite easy to forget about your pension and not undertake regular reviews. With many pensions, it is possible for you to nominate who you wish to benefit from the Death in Service payment. In some circumstances with certain pensions, but not all, you can also nominate who you wish to benefit from the pension income if you are in receipt of your pension at the time of death.
It is extremely important that you undertake the necessary steps to revise nominations for your pension, particularly the Death in Service payment. Often pension payments do not form part of your estate on death and therefore will be dealt with outside of the terms of your Will and at the discretion of the trustees of your pension policy.
We would always recommend contacting your pension company to check the nominations and provisions in. You may also find it helpful to obtain the advice of a financial adviser who can guide you through the options available and assist you if you have several frozen pension arrangements.
The organisers of Pension Awareness 2023 are holding several free live events each day which provide impartial and straightforward pension information, follow this link for more information www.pensionawarenessday.com
When reviewing your pensions, it would also be an appropriate time for you to review your other documents such as Powers of Attorney and Wills. Our friendly and experienced Life Planning team can assist you with any of these reviews and can be contacted on 01904 624903.