Inheritance of a pension could provide significant support to those who are left behind after a person dies. While ultimately, pension saving is about providing for an individual in retirement, many people will want to help others with the funds they have managed to amass. This could be a good way for Britons to leave a legacy to help their spouses, children and even grandchildren in the future.
She said: “With a defined benefit, you get a pension based on your years of service and your earnings, and they will all provide a spouse’s pension, if there is a spouse living at the time of your death.
“They will generally provide children’s pensions if you have minors, broadly up to 18 or in full time education.
“Quite commonly, you could have someone receiving a defined benefit pension from their former employer where individuals are widowed or divorced and their children are older.
“In this case, when a person dies, their pension will die with them and there is never a fund there that is a guaranteed income for life. There, there is no complicated death benefit issue to…
