Almost eight out of 10 married people have no idea what their spouse’s pension is worth according to new research.
This equates to some 15m people. The survey found that almost half of married couples (47 per cent) had not even spoken to their spouse about retirement plans, while 85 per cent were unaware of the tax benefits of planning retirement together.
These findings were in the Wealth and Wellbeing Monitor, published by LV=, a quarterly survey of 4,000 plus UK adults. Surprisingly this research found that while these figures improved slightly among wealthier couples, the overwhelming majority (78 per cent) were still unaware of the benefits of planning a retirement together.
LV= point out that there are a number of tax benefits to a more joined up approach, with a retired couple able to generate an income of more than £30,000 a year before paying income tax.
Clive Bolton, managing director of savings and retirement at LV= says: “LV=’s research indicates that millions of married people are not talking to their partners about their pensions and retirement plans. That’s a mistake because couples who jointly plan their retirement can be much better off when they stop working.
“Most people have a good idea of what their house is worth, and the same attitude should apply to their retirement funds. After a lifetime of saving, the value of a retirement fund can be worth as much as a property so it’s important that people know how much their retirement savings worth and the potential death benefits they offer.
“The best way for people to ensure they have the retirement they want, their pension income lasts throughout their retirement and that they avoid unnecessary tax bills is to consult a financial adviser. This is especially true for people who plan to retire within the next five years.”
