Brits urged to act now to stop your pension going to someone you hate
One in six adults do not know who would receive their pension savings if they died
A shocking one in six (15%) adults in a relationship are clueless about who would inherit their pension savings if they died, according to a recent survey. This figure skyrockets to nearly a fifth (18%) for those aged 79 and above, warns Aviva, highlighting that some individuals may have been "married, divorced and married again".
The number of people unaware of their beneficiaries also rises to a quarter (25%) among those cohabiting with their partner without the legal status of marriage or civil partnership. A startling three in 10 (30%) Gen-Z adults aged between 16 to 24 also confessed they do not know who would benefit from any pension savings upon their death.
Nearly two-thirds (65%) of respondents named their partner or spouse as their beneficiary, while a fifth (20%) chose a family member. One in 25 (4%) are leaving their pension wealth to a charity and 3% have nominated a friend as a beneficiary, according to the survey conducted by Censuswide in February among 2,000 coupled-up individuals.
Aviva stressed the significance of regularly reviewing and updating pension beneficiary information, reports Devon Live.. This simple step could ensure retirement savings are distributed as per someone's wishes, sidestepping potential legal issues and emotional distress for loved ones.
Some folks might discover they can update their pension beneficiaries via their pension app. Jo Phillips, the managing director of Aviva's direct wealth business, said: "It's not surprising that people lose track of their pensions and therefore cannot remember who their pension beneficiary is.
"Some pension policies will date back decades and it's likely that many people will have changed jobs; moved house and even been married, divorced and married again, in the intervening years.
"The money in your pension pot is one of your assets, just like your savings or your possessions, so we would encourage all our customers to review their pension nominees and makeupdates as needed. It's easy to nominate a recipient. Most of the time, it can be done online without any fuss."
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Scotsman
15 hours ago
- Scotsman
Counting the cost of digital and financial exclusion
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Scotsman
5 days ago
- Scotsman
‘Hidden' costs of digital and financial exclusion in Scotland
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Scottish Sun
5 days ago
- Scottish Sun
British banking giant issues crucial warning to ALL customers over worrying message that could drain your account
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