Although it isn’t possible to directly transfer your pension to your spouse, if you wish to reduce the tax you might have to pay in retirement, there are other things you could consider. A pension is personal and there is no legal structure to transfer your pension pot to someone else, except in the case of divorce or dissolving a civil partnership. Now that the death tax has been abolished pensions could be considered particularly effective vehicles for leaving some money to beneficiaries.Note that tax treatment depends on your individual circumstances and may be subject to change. The advisors we work with are independent with wide experience across the whole market and a rich understanding of all the products on the UK market, as well as all the associated rules and regulations. – Please be aware that by clicking on to the above links you are leaving the Enable Independent Ltd website. Enable Independent Ltd is registered in England & Wales no. 754580. Pensions can be complicated. They will offer any advice specific to you and your needs. Prior to the reforms you could only leave it to someone who was financially dependent on you, such as a child or spouse, but now you can choose anyone to be a beneficiary. © 2020 OnlineMoneyAdvisor. Many personal pension arrangements allow anyone you wish to nominate to inherit your pension fund when you die. This way you could get automatic tax relief at 20%. 70% of customers who have a pension review find a better deal. Enable’s IFAs in Bishops Stortford have had lots of conversations with people about their pensions since all the changes this April. You can however move the pension to a different scheme of your choice. Three ways pensions can be split on divorce, Ask an expert about transferring a pension, Transferring your Overseas Pension to the UK, Transferring a Pension to Another Provider. There are occasions when your beneficiaries might have to pay income tax on the money they get from the pension they inherit from you. Tony regularly writes for trade press, usually on topical and pensions pieces as well as acting as a judge at prestigious national events. The term ‘pension transfer’ usually refers to switching your pension from one provider to another, but in this article, we will focus on the circumstances around transferring your pension to another person. Portafina Investment Management Ltd is registered in England & Wales as a Limited Company, No. We will help you make the right decision about your pension, with advice that’s refreshingly frank. One of the many advantages of a reversionary income stream is extra time to combine pensions … Book a free, no-obligation pension review today. This means beneficiaries can dip into the pension pot they inherit as and when they want. Prior to 2000, it wasn’t possible to transfer pension assets between ex-spouses. The details provided in this article are for general information only and are in no way deemed to be financial advice. Are there any circumstances when you can transfer a pension fund to a partner? To transfer your pension to your spouse, in the event of your death, simply ensure that your pension provider has up-to-date details of your chosen beneficiary and is aware of your wishes. Getting it wrong could create problems in retirement which, with some valuable planning, could easily be avoided. The advisors we work with are independent with experience across a broad range of pension products and can tell you whether it’s possible to transfer your pension pot to your spouse. COVID-19 - We're here, we're ready to help. Understanding the Challenges. If you die shortly afterward, however, and if you and your girlfriend have only been together a short time, you can probably expect that your heirs will be unhappy with its terms. You could put some of this money into a pension in your spouse’s name. Please note that Enable is not responsible for the accuracy of the information contained within the linked site(s) accessible from this page. 4534546. Call us on 0808 189 0463 or make an enquiry and we’ll put you in touch with the best independent pensions expert for your query. Call us on 0808 189 0463 or make an enquiry and we’ll connect you with the right person to answer all your questions. To transfer your pension to the person of your choosing in the event of your death, simply ensure that your pension provider has up-to-date details of your chosen beneficiary or beneficiaries, if you want to leave your pension pot to more than one person. To find out if it’s possible to transfer your pension to your spouse, talk to one of our expert pension advisors. Online Money Advisor is a trading name of FIND A MORTGAGE ONLINE LTD. Find a Mortgage Online Ltd is registered in England under number 8662127. Whatever your pension arrangements, if you’re going through a divorce, it’s wise to get expert advice early to avoid later problems or confusion. There are very few circumstances in which you are able to transfer your pension to your wife, husband or civil partner. With an annuity, you can nominate a beneficiary and pass on the income as long as it is on a joint life basis or if it has a guarantee period. If you die before the age of 75 your beneficiaries will inherit your fund completely tax-free. If you’re interested in learning more about your options in the case of pension tax planning or measures you could consider to ensure both you and your partner will have sufficient funds invested for retirement, talk to one of our independent experts. As discussed above, the only way of transferring a pension to a spouse is in the event of your death, or as part of a divorce settlement or civil partnership being dissolved. Can I transfer my pension to another person? Although you are prevented from transferring your pension to your spouse in most other circumstances, when it comes to divorce it’s a different story. Enable Independent Ltd is authorised and regulated by the Financial Conduct Authority no. Also, until April 2016, a 45% tax charge will apply if they remove the entire fund. The only other circumstance when your pension pot can be transferred to someone else is in the event of your death.

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