What happens to a personal pension when you die? Generally, if someone dies under the age of 75 they can pass on the pension benefits tax-free. If you are over 75, there will be income tax to pay on what is passed on. If you die after buying an annuity with your pension pot, wha...
Part of that is that women live longer. ?Also, the private pensions of most women are smaller. ?Another part is that joint pensions for the often higher-earning husband drop in amount paid after he dies. ?Two *do* live more cheaply than one, so that *is* a loss....
when the older spouse with a shorter life expectancy has higher benefits, it’s often beneficial to claim benefits at age 70. When that older spouse dies, the surviving spouse can then take over the higher
The income layer cake is useful for spotting things that are often overlooked, such as basic rate taxpayers pay 32% tax on income when you include National Insurance Contributions (NICs). Higher rate taxpayers pay 42% tax on income. Basic rate taxpayers have, at most, ...