Yes, it’s usually possible to leave money in your pension to one or more people when you die. Many schemes will let you pass on your savings, and if you receive a guaranteed income your provider may pay a lump sum or an income to your partner. If you’re thinking of buying an annuity then you need to be careful you choose the right one because not all of them will pay an income to someone else when you die.
Keep your pension fund invested with the flexibility to take money as and when you need it and retain ownership of your pot.
Call 0800 304 7288 for a friendly chat about your pension
Stephen finished his documentary
Documentary-maker Stephen took money from his pension to complete his long-in-the-making documentary “After ‘82”, which explores the history of the AIDS crisis in the UK. Click the link to watch Stephen's story.
Pension cash enabled Alan to clear debts
Alan had credit cards charging high rates of interest. Taking some tax-free cash from one of his pensions allowed Alan to clear the cards, and the rest remained invested for the future. Click the link below to watch Alan's story.
Finding old pensions changed Mark’s future
Mark wanted us to find his pensions from previous jobs. Tracking them down gave him almost £20,000 more for the future. We then combined them into a single pension fund, giving more control than before. Click the link below to watch Mark's story.
Frequently asked questions
Pension drawdown means that your pot stays invested with the aim of increasing its value and you can take money from it when you want to. There is always an element of risk if your savings are invested, although the trade-off is the opportunity for reward. In this case, the reward is having more money for your future. By investing your savings in a way that is right for you, we can help you to find your perfect balance between risk and reward.
If you are one of the lucky people with a company pension that promises a guaranteed income when you retire then it’s likely you already have the right option for you. If you aren’t, then traditionally the only other way to receive a guaranteed income in retirement was by selling your pension fund to buy an annuity. Now, though, there is another way, giving you a fixed income with a level of flexibility that an annuity simply doesn’t provide.
If you are thinking of taking an income from your pension then two of your main options are: sell your pot and buy an annuity, or go into what is called pension drawdown. One offers greater security while the other gives you the freedom to take your money as and when you like.
With this type of review a regulated pension expert will examine in detail your circumstances before clearly and simply advising what they think you should do with your pension. You will not have to pay for this review and you are not committed to follow the advice in any way.
From the age of 55, the main choices are using your pension to buy a secure income for life, taking money directly from your fund as you need it or even taking the entire amount as cash. The right option for you depends on your circumstances and the type of pension you have.
The new pension rules (also called pension freedoms) removed many of the restrictions around how you can take money from your fund; if you are at least 55 years old there is a good chance that you can take as much money as you want. Whether it’s the right thing for you to do or not depends on your circumstances and the type of pension you have.
Pension drawdown is not suitable for everyone. It depends very much on individual circumstances; so you should have a chat with a financial adviser before making any final decisions.
On this page we talk about your pension and tax implications. Tax treatment depends on your individual circumstances and may be subject to change in the future.