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What happens to your pension when you die?

Have you ever wondered “What happens to my pension if I die?” There is no common set of rules governing how death and pensions relate. In this video, Financial Advisor Donal Milmo-Penny gives a brief explanation. For more technical information read on below. What will happen to your pension when you die will depend on your structure or structures, whether you are retired, still at work or if your pension relates to past employment. If you're unsure of your pension benefits from a previous employment, or would like to track down a lost pension, visit PensionFinder.ie Let’s look at the varying structures and what happens when you die: Pre-Retirement Occupational Schemes Death in Service - Lump

Tax Year End - use your tax relief or lose it.

In preparation for the pay and file income tax deadline of 31st October 2017 (If you file your tax return and pay tax online, the deadline is extended till 10th November 2017), you may wish to avail of pensions tax relief in respect of your 2016 earnings. Contributions are relieved at your marginal tax rate generating an immediate saving of 40%. Self employed individuals cannot carry forward relief. You must either contribute in a given period or lose the available relief. NB Revenue will not allow tax relief to be backdated against 2016 earnings if you have not elected to claim the tax relief for that tax year or if your tax return has not been filed on time. The table below illustrates the

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