Passing Away before Retirement

Many people find comfort in knowing that, when they pass away, their dependants will be financially secured.

Intro

Generally, you will have life insurance that will be paid out to your dependants if you should die before retirement. This means that your dependants are financially secured if you are no longer around to support them. Your pension savings will be paid out either in full or in part.

If you die after you have retired, your dependants will receive what remains of your instalment pension and endowment pension.

Matters to consider

It is a good idea to consider who should receive the money from your pension plan when you pass away.

As a rule, your next of kin receives the money, however, if you complete a beneficiary declaration, you can decide exactly who the money should go to when you die.

If you have children, you may want to consider taking out a children’s pension.

At My PFA, you can view your options of taking out children’s pension

Steps to take

Contact PFA’s Advisory Services Centre at (+45) 70 12 50 00 if you need advice.

 

Please contact a lawyer if you need advice on inheritance and drawing up a will.

Learn more about beneficiaries