Wasted Pension

[Runemaster]

Hi
I am in a dilemma regarding my pension going to waste and would be grateful for some input. I am about to receive my pension which is fine, I have worked many years doing long hours in an extremely dangerous and stressed job. However it is a feature of my pension that when I die, half goes to someone I am either married to, or in a civil partnership with. I have a DF who I cannot marry, as she is in receipt of a widows pension, who was high up in a certain medical organization, and if she remarries or co habits loses her pension. When I die my pension just goes back to the government, it's a five figure sum per annum. My dilemma is should I marry someone or enter a civil partnership so they receive my pension after I pass? I wouldn't do anything illegal I have very high ethics.

Is your half-pension more than your DF’s widow’s pensión?

I do. Right, shall we take our honeymoon in the mountains?

Seriously though, does it really matter that the money goes back to government? You won’t need it, and it’s a bit odd to randomly chose a person to marry just to make a political point.

I wouldn’t worry too much about this, OP. That money is there if you need it and you might live to 100! If you don’t, it still served a purpose in giving you peace of mind that you would be comfortable all of your days. If it goes back to the government when you die it will be used for roads and hospitals and schools, which is all good.

No, would be less than her pension

It was more about someone who would need the money, I don't need to make a political point, my experience of politicians first hand shall we say I don't hold them on a pedestal. Would be nice to give it to a charity but that isn't possible

God no. Think of all the other implications re inheritance and next of kin etc.

No. It’s not like the pension you will not be receiving will go into a politician’s pocket. It will be used to pay someone else’s pension. It won’t got to ‘waste’.

My family seem to have a gene of Narcissistic personality disorders, selfish every one of them so if I leave anything it's to a charity, would rather burn every note than leave them a penny.

As for going into a politicians pocket...just say I spent a long time around Westminster...mmm

But surely pension schemes can only work because not everyone lives to a ripe old age. If they did then the scheme would be unsustainable.

Are you sure your DF would lose her widow's pension if she remarried? Seems a bit harsh.

You should meet with a financial adviser and see what income you'd get if you transferred your pension to a new arrangement without a built-in widow's pension. That scenario and ill health are about the only two circumstances that an adviser would look at transferring out of a defined benefit scheme.

This is one of the reasons I hate pensions, they seem designed to pay out as little as possible.

Hi medievalist
yes she would and it's been bought up at parliament level too, new pensions have changed but not the older ones, see about forces and nhs widows.

believe me I have had financial advisors and even a barrister look, cannot do anything

Barristers, financial advisers, a long time around Westminster... Yet you think your unused pension will go to MPs?

It'll be used to pay other people's pensions in the same pension scheme.

Incidentally I've had the same thoughts as you as my pension scheme has the same benefit.

🙋‍♀️I’m in need since my pension went to the dogs when I became unwell, and despite all of our lovely ‘equality legislation’ when you are diagnosed with a mental health condition apparently it completely changes you, all of your years of previous qualifications count for nothing, and neither does your experience, despite the fact I’ve had it all my working life (can you tell I’m bitter at the moment?!).

Also have a dp who doesn’t want to get married. We’d work well together! A small wedding is fine! 😬

Cash as much in as possible?

@Runemaster seek financial advice to investigate the transfer of your defined benefit pension (also called final salary) to a flexible arrangement.

The pension will then continue in the event of your death.

It's an area where you need very good advice of the pros and cons.

My dad did !

DM passed away before DF, very unexpectedly as DF was the one with the illnesses. When she passed he got together with an old school friend (aww bless!)and because he had an excellent service pension and it has set her up for the remainder of her life. She was quite happy for a little romance but DF is a stickler for tradition. His goal was to make sure she would be financially secure. He;s been dead twice as long as they were married now, so he's had one over on the pension scheme1

believe me I have had financial advisors and even a barrister look, cannot do anything

Really? Did they investigate transfer to an alternative arrangement?

Well, if you’re so worried about dying it makes sense to cash in as much as you can (and the rules around this are really flexible now) and spend spend spend! That’s the worst possible thing to do with a pension for any sane person but as your priority seems to be to not ‘waste’ it then maybe it’s a good idea for you

Why would you need to marry or enter into a civil partnership with someone? Why can’t you nominate beneficiaries without marrying them?!

And lastly you seem to have no clue about how whatever is left in your pension pot would be used when you die if you haven’t nominated a beneficiary .

‘Been around westminster..?’

Hmm sure you haven’t been on the sauce?

Who would you marry? How would your fiancé feel about it?

Single mum here. I’ll marry you ;-)

@Gatoadigrado you're talking about defined contribution plans, the same rules do not apply to OPs defined benefit plan.

Hi
My pension can't be transferred to anywhere thanks for the advice. The sheer ignorance of some people on here Gatoagigardo. Suggest you read up on pensions before commenting on something you have shown you know nothing about. I asked for people's opinions, thanks for that and the people who provided their input. Take care

Don't understand this. Even if you were married your OH might die before you so I suspect that benefit isn't used that much anyway? 50% of the time, say?