Debt help needed for lost pensions

More than half (52 per cent) of Britons in their 40s risk losing part or all of their private pension income if their partner dies, which could leave them looking for debt solutions.

This comes after research from Prudential discovered that those who had made arrangements to ensure that pension income continued after the death of a partner were in the minority.

Prudential's Vince Smith-Hughes warns that "losing some or all of your income in retirement is a terrible risk to take and couples should think carefully about what happens in the event of one partner's death, and seek advice where appropriate to ensure this eventuality is taken into account."

Regionally, people in the northeast appear to be the ones who would most need debt help upon the death of a partner, as seven-in-ten (71 per cent) haven't broached the subject yet, compared to four-in-ten (39 per cent) in Yorkshire.

Kevin Still of Atlantic Financial Management says: "We routinely see retired people on Debt Management Plans (DMPs) with over £30,000 of credit card debt and other unsecured borrowing, with £29,000 and 8 credit agreements being the average."

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