Commenting on today’s statistics on Marriages in England and Wales, Clare Moffat, head of business development at Royal London Intermediary, said:
“The data shows important shifts in how we live our lives. Marriage rates at younger ages continue to fall while we see marriage rates rise for men over the age of 60 and women aged over 50. Added to this, people increasingly look to cohabit before getting married. Financial planning must keep up with this changing picture if both partners are to be protected from financial shocks should a partner die.”
- There is no such thing as common law marriage and cohabiting couples can find themselves with nothing should the relationship end or a partner were to die. It is vital to keep wills up to date.
- Cohabiting couples will also need to check their entitlement under pension schemes as it may not be same as for a married couple and restrictions can apply.
- Cohabiting couples do not benefit from the same inheritance tax treatment as married couples so could find themselves facing unexpected tax bills.
- Couples marrying at older ages, particularly if they have been married before, must update their wills to reflect their changing circumstances.
- Documentation such as expression of wish forms on pensions should be checked to ensure the right person receives their death benefits.
Notes to editors:
Marriages in England and Wales 2016 can be found here
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About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £114 billion, 8.8 million policies in force and 3,893 employees. Figures quoted are as at 30 December 2018.
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