When you take your pension as a monthly annuity, you gain longevity insurance. Your check will arrive each month until you die, and you also have the option of spreading the payments over your ...

In most cases, pension payments will last a lifetime. You’ll get pension checks until you die. With a 401(k), however, you can continue taking withdrawals from your account until the money runs out.

But at the moment, if you die and there's money left over in your private pension it's not treated as part of your 'estate', meaning there's no Inheritance Tax to pay on it. However, in Rachel ...