What Happens to Your Pension When You Die?

What happens to your pension when you die? Most of us never think to ask. Let's take two minutes.

First, a quick note. This is general information, not financial advice.

Meet Emma. Over thirty years she's built a pension for the people she loves.

She's written a will too, so she's sure it all reaches her family.

But here's what surprises people. Your will covers your home and your savings.

Your pension usually sits outside it. The scheme decides who receives it.

So how does the scheme decide? They look for one thing. An expression of wish.

It says who you'd like it to go to. Emma filled hers in years ago and forgot it.

Those names might belong to a life she's moved past. Her pension could reach the wrong hands.

And Emma is far from alone. More than half of us with a pension have never filled one in.

The good news? It takes minutes. Fill in the form, and your wishes lock onto your pension.

First, ask your provider for a nomination, or expression of wish, form.

Then name the people you want to receive it.

And update it when life changes. A marriage, a baby, a house move.

Now Emma's wishes are clear. Her pension points straight to the family she loves.

And sitting outside her estate, it can reach them without the long wait of probate.

For most pensions your wish guides the scheme but doesn't bind it, so keeping it current matters.

The tax rules on passing a pension on are changing, and much depends on your estate.

And every family is different, so the right choice isn't always obvious.

So take five minutes and check your wish. Not sure, or the tax feels complex? Get in touch, and let's make sure your pension reaches the right people.