As a consequence of COVID-19, TC is receiving lots of requests from clients for assistance in updating elements of their personal affairs that until now have not been given due consideration. One such area where our Private Client Services team have been particularly busy is helping our clients to review their existing provisions for Pension & Protections.
Pension death benefits
Pensions and retirement planning are one of those areas that many of us let fall by the wayside. Retirement often seems like a distant concept, and it is common practice to think that you can put your retirement plans in place and leave them unattended for years on end. But this could not be further from the truth.
As with any other aspect of your personal finances, it’s essential to conduct regular reviews of your pension and other protection arrangements to ensure that they fit best with your current situation.
What happens when I die?
If you were to die, your pensions may provide benefits to your financial dependants. If you don’t have any dependents, benefits may be paid to your estate. The benefits that will be paid out depends on the type(s) of pension scheme that you belong to, whether you’re an active member and whether you have commenced drawing retirement benefits.
TC will provide a free Pension & Protection review to establish what options your family and beneficiaries would have and how these benefits would work alongside your other protection policies.
If you would like to take advantage of the review, please email privateclients@tc-group.com or call our Private Client Team on 0330 088 7111.