Over 750,000 savers risk passing pension to wrong person on death

Royal London research

clock • 2 min read

Three-quarters of a million people coming up to retirement are at risk of their pension being passed on to an ex-partner when they die, according to research by Royal London.

The insurer estimated some 773,000 people aged between 55 and 64, who are now in second or subsequent relationships, may be affected by this issue. According to Royal London, the problem arises where people have told a pension scheme they want "any payments after their death to go to a first spouse" but then subsequently divorce, remarry or form a new partnership. It added ‘expression of wishes' forms are often not updated to reflect "people's changing personal circumstances such as divorce or remarriage," meaning that an ex-partner could be in line to receive pension death benefits. ...

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