Posted by & filed under Finances 101, retirement.

Sleeping with the Enemy

This is a blog that I have been meaning to write for such a long time! Regularly when I am helping clients with their investment and pensions, I ask them “who will get this to if you die?” They often shrug their shoulders, and say my wife/husband/partner, dunno?” This is a clear case of loving doing the sexy stuff but not keeping abreast of the basic admin tasks that can make or break a financial plan.

I read earlier in the year in the financial times that Royal London expect that more than 750,000 people are at risk of passing on their pension to the wrong person!! Imagine your husband/partner’s face if your old flame inherits your pension!!! This happens a lot, people move on to new relationships but forget to let their pension know! So here is what you need to do:

  1. Call up your pension provider and ask them who the death benefits will go to.
  2. Is this is the right person? If no, ask them for a new death benefit form to complete
  3. If there isn’t anyone down to receive the benefits, you also need a death benefit form
  4. If you are employed and have life cover through work, ask HR if an expression of wish form has been completed. Check the right person is down and if not ask for one.

So are you sleeping with the enemy without realising?

Good Luck

Lots of Love

Miss Lolly xx

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