marital property

A miss-sale in the making, (or why spouses need to pay attention to pension conversations!)

A miss-sale in the making, (or why spouses need to pay attention to pension conversations!)

Imagine for a moment that you are an unsuspecting IFA who arranged for a married man to receive a single life annuity when he came to retirement. Ten years later, the annuitant dies and the wife visits you and says,

 

“Where’s my pension?”

“You don’t get one. Your husband took a single life pension to maximise the income that came in during his lifetime”.