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Major Life Events Royals Don’t Have to Worry About, But Pension Payers Do

The Royals happen to be admired by people all over the world. They are seen as people of prestige and spark an interest amongst individuals because of the royal lifestyles that they lead. One of the things that set them apart from your average person is the fact that they don’t have to put money away in a pension pot every month. However, your average working adult does, and there are life events that can affect your savings over the years.

Pension experts Portafina have provided helpful tips regarding what major life events could happen and how it may affect your pensions.


Passing away earlier than you would want to is a possibility that everyone has to face. For this reason, thinking about this early enough and putting the right measures in place is necessary to ensure your pensions go to the right place. You could decide to give it to friends, family or your favourite charity if that would make you happy.


Falling sick can happen at any point in your life, and it can have an impact on your finances. If this happens to you and you need access to your pension savings, most providers will give you access to some or all of your funds which they typically don’t do under the age of 55. Seeing as each pension scheme has different terms and conditions, it’s best to ask questions and be sure. However, if you want to access to state funds, you most likely won’t be able to have that access until you reach a certain age.

New Job

Getting a new job can be an exciting part of life as it’s a time to turn over a new leaf and try something new. This won’t have a negative effect on your pension, but seeing as anyone over 22 and with a salary of £10,000 or more is required to be automatically enrolled in a workplace pension scheme by employers. As of April 2019 both you and your employer have to pay the minimum contribution which is 8%, but keep up with Portafina’s Facebook page so that you’re up to date with new developments. With that being said, you could always transfer your old scheme to your pension pot with your new employer if you think it’s best.

Being Made Redundant

One of the things that you cannot control is being made redundant. At times, employers have to close their businesses or downsize as a result of not making enough money. If you’ve been affected by this, it could mean you’re out of a job and worried about what will happen to the pensions you’ve saved with that employer. You can rest assured that your pension will still be there which means you can either move it to a private pension, inquire about transferring it to your new scheme with a new employer, or continue making contributions without your former employers’ contributions.


At times, your finances can spiral out of controls as a result of circumstances within or beyond your control. Nevertheless, if you have pensions saved, this can be worrying as you may fear your money can be accessed, and you’ll be left with nothing. Luckily, your pension savings aren’t classed as an asset so they shouldn’t be able to touch them in the case you ever do go bankrupt. However, there are many rules and regulations regarding how you save towards and access it moving forward.


Marriages don’t always end in happily ever after and what happens to your pensions when they don’t? The answer is that it can be a complicated matter, but you have options to ensure your pensions are protected. One is to consider pension sharing or pension offsetting which is more or less when the value of the pension is offset against any other assets you may have.

Moving Abroad

Many people dream of leaving the UK during their retirement years and living in a warm country where the sun shines all year though. In as much as this can be a great idea, the reality is that it could have negative implications on your pensions. Reasons for this is that you may not end up getting the tax breaks you need firstly, and secondly, it can be more difficult to access your pensions.

If you have any questions or would like to find out more by visiting their social channels, Portafina’s YouTube and @Portafina UK or LinkedIn.

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