What happens to our pension when we die?

[Grant]

If you were to die before you could take your pension, where does it go? Does it go to your next of kin? Can your family draw from your pension after death? What happens to my savings if I die before I can pull from it? Is there any chance my money could be lost in a case like this?

 

[Frank]

It is definitely the next of kin that will claim the pension when one is dead. The process of claim is different from one pension company to another. This is why it is advisable that people understand that getting it right with a pension company is very important.

 

[Kane]

I do not know about pension plans in other countries, however, in my home country, when a pensioner dies, his spouse (husband or wife) will receive the pension until he/she is alive. Once the nominee (spouse) dies, the pension will also stop. Pension does not pass to kids and kids cannot become a pensioner's nominee.