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What benefits will my family get if I die after I have retired?
If you buy an annuity, the answer to this question depends on what choices you have made. You can choose to buy either a 'single life annuity', which will provide a pension only until your death, or a 'joint life annuity' which will provide a pension for your spouse or partner after your death.
If you decide (and can afford) to buy a joint life annuity, you will need to decide whether it will pay out a pension that is the same amount as you were getting, or a smaller amount, e.g. half of yours. The problem is that the better the pension you want to provide for your spouse/partner, the smaller your own pension will be, as all the cost has to come out of your pension pot.
You can also decide whether you want a 'guarantee period' – usually five or 10 years. If you were to die during this period, the balance of your pension due during that period would be paid out as a lump sum.