This is a benefit you can pay for that provides a lump sum and/or an annuity for your dependants or beneficiaries when you die.

Under your current pension, you might have the option to take out life assurance benefit or you might have life assurance benefit in place:

• If you have the option to take out life assurance benefit under your current pension but haven’t done this yet, you would lose the option if you transfer your pension to Retiready. 
• If you have life assurance benefit in place under your current pension, the cover will stop if you transfer your pension to Retiready. 

The life assurance benefit isn't available under a Retiready pension, so you should think about making other arrangements to provide this benefit in the future. It might cost you more, depending on your current age and health.

Transferring a pension may not be the best option for you. You may lose features, protections, guarantees or other benefits - so make sure you compare products before transferring. It’s up to you to decide if this is the right decision for you. If you’re not sure, speak to a financial adviser - there may be a charge for this. If you don't have a financial adviser, you can visit MoneyHelper to find the right one for you.