Managing money later in life — a plain-English guide

This is one of the most difficult situations anyone can face — dealing with financial decisions at the same time as grief. The first thing to know is that you do not need to make any major decisions quickly. Most things can wait.

It is worth making a list of every account, pension, and financial product your partner held. Bank statements, pension letters, and tax correspondence are a good starting point. If documents are hard to find, a solicitor or Citizens Advice can help you piece things together.

If your partner had a workplace or personal pension, contact the provider to ask about survivor benefits. Many defined benefit (final salary) pensions pay a spouse's pension — typically 50% of the original amount. Defined contribution pensions may have a nominated beneficiary — this does not always default to a spouse, so it is worth checking.

The State Pension does not automatically transfer, but you may be entitled to extra State Pension based on your partner's National Insurance record, particularly if they reached State Pension age before April 2016. Contact the Pension Service (part of DWP) to check.

Planning ahead while you are still well gives you the most control over what happens later. There are several practical arrangements that make things easier — for you and for the people who may need to help you.

A Lasting Power of Attorney (LPA) for property and financial affairs allows someone you trust to manage your finances if you become unable to do so. This could be a family member, a close friend, or a professional. You must set it up while you still have mental capacity — it cannot be done afterwards.

LPAs are registered with the Office of the Public Guardian and cost £82 to register (fee reductions apply for those on low incomes). Solicitors for the Elderly specifies in this area, or you can apply through GOV.UK directly.

Many people find it helpful to consolidate accounts while managing them is straightforward. Multiple savings accounts scattered across different providers can become difficult to track. Bringing them together — or at minimum keeping a written list — reduces complexity later.

Some banks offer additional support for customers with dementia or other cognitive conditions, including trusted contact person schemes where a nominated individual can be alerted if something looks wrong. Ask your bank whether they offer this.

Some people reach later life having left financial decisions to a partner or employer, and now find themselves needing to understand things from scratch. This is more common than most guides acknowledge, and there is no reason to feel behind.

If you are not sure what pensions or savings accounts exist in your name, there are ways to find out. The government's Pension Tracing Service (gov.uk/find-pension-contact-details) can help locate workplace pensions from previous employers. For savings, check old bank statements or letters — providers are required to tell you about dormant accounts.

Pension and investment scams are sophisticated and widespread. They do not only target people who are inexperienced — they target people with money to protect, which often means retirees. Scammers regularly pose as legitimate financial firms, sometimes cloning their websites and FCA registration numbers.

Cold contact. Legitimate regulated firms do not call, text, or email you out of the blue to offer investment or pension opportunities. Unsolicited contact is a significant warning sign.

Pressure and urgency. Phrases like "this offer expires today" or "you need to decide now" are designed to stop you thinking clearly or seeking a second opinion. Any legitimate firm will give you time.

Guaranteed high returns. No investment guarantees returns. The higher the promised return, the higher the risk — including the risk of losing everything.

Pension liberation or early release. If someone offers to release your pension before age 55 (57 from 2028), this is almost always a scam. You will pay significant tax charges and may lose the money entirely.

If you think you have been targeted or have already sent money, contact Action Fraud on 0300 123 2040 or at actionfraud.police.uk. Report it even if you are unsure — it helps protect others.

All of the following services are free, independent, and have no financial interest in what you do with your money.

BritSavvy is an independent information service — we do not provide regulated financial advice. For decisions about your specific circumstances, the organisations above can point you to the right help.