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Common life events that could affect your pensions


Life is filled with unexpected twists and turns. While some of these unexpected turns are pleasant surprises, others can be somewhat unfortunate events.

Nevertheless, life is about adapting to such changes and being able to make the most out of every situation.

One thing that people don’t often think about is how these changes could affect their pensions savings over the years. To create awareness about what these life events are and how they may affect your pensions, Portafina has put together some common scenarios and tips.


As you age, there is always a risk that you could end up getting ill. During such a period one of the things that you could need is access to funds, especially if it affects your ability to work. In light of this, you should know that when it comes to state pensions, you typically can’t access them before a specific age. However, with most other pension plans, if you’re ill you can access part or all of it before the agreed age.

Getting Divorced

If you ever have the privilege of experiencing marriage it can be a beautiful thing. However, at times it doesn’t last forever, and you’re forced to go your separate ways. If this is the case for you, it’s important that you’re aware of the implications for your pensions. Ideally, your pension should be included in a financial settlement but there are ways around it such as pension sharing or offsetting.

Changing Jobs

It’s rare that throughout the course of your life, you’ll only have one job. For one, the job market can be volatile, and secondly, career paths usually require the exploration of different roles and how they suit you. It’s important to know that whether you get a new job or are made redundant, your workplace pension from your employer will still exist. The only thing is that every new employer who is paying you a salary of £10,000 or more is required to give you a new workplace pension and pay a minimum contribution of 8% by law. If you got to Portafina’s Facebook page, you’ll see information on new pension developments.

In most cases, you should be able to transfer it from your present scheme to a new one if you wish to do so. It’s best that you weigh out your options and see which benefits you most financially.

Moving Abroad

Another life event that doesn’t necessarily happen to everyone but could happen to some is moving abroad. It is estimated that between 4.5 and 5.5 million Brits live abroad and this may be something that you consider doing before or after retirement. This could, however, be problematic when it comes to your pension as you may not qualify for tax relief and accessing your pension can be difficult.


Another unforeseen circumstance that could happen to anyone is death. If you’ve ever wondered what would happen to your pension if you pass away earlier than you expect, you could pass money on to loved ones or charity. There could also be restrictions on what you can do so to be sure, ask your pension provider and plan for this contingency accordingly.


It isn’t uncommon for people to go bankrupt at least once in the course of their life. If this is ever the case for you, pension savings aren’t classified as an asset so your money is safe and this portion of your money can’t be accessed by any receivers. There are, however rules and regulations that you should be aware of when it comes to contributing to and accessing your finds moving forward.

If you have any questions or would like to find out more you can visit Portafina Discovery a handy resource hub. They also have lots of information on their social channels, YouTube and @Portafina UK on LinkdIn.



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