Beneficiaries and pension inheritance
What is a pension beneficiary?
A pension beneficiary is the person, people or organisation you choose to receive your pension after your death. Choosing a beneficiary is an important part of the pension inheritance process and helps us to know your wishes.
Even before you start claiming your pension – or if you’re keeping your pension where it is – you should log in to your account and nominate a beneficiary.
Can there be more than one person named to receive my pension?
Yes, you can have more than one pension beneficiary. If you choose to nominate more than one, you should tell us how you’d like your pension savings shared out. For instance, if you want two people to get half of it each, or if you’d like one person to get a quarter and another person to get the other three quarters.
Why it’s important to name your beneficiaries
It’s important to make sure we’ve got the right details for your beneficiaries so that our Trustee can consider your wishes after you’re gone.
- It's one of the best ways to enhance the financial security of your loved ones.
- It can also speed up the process of them receiving your money, relieving pressure during an emotional period of time.
- It ensures that the money you’ve saved goes to the right people as easily as possible.
Can you change your beneficiaries?
Yes, you can change your beneficiaries through your online account or via our app. There are plenty of reasons you may want to change your beneficiaries:
- New or ending relationships
- Having children
- Deaths
- Changes in financial circumstances and more
We highly recommend checking your beneficiary details on a regular basis to ensure beneficiary contact details and addresses are up to date.
Pension inheritance questions
Here are answers to some of your most common questions.
How to name or update your beneficiaries
You can name or update your beneficiary details now by logging into your account or within our mobile app.
Or if you prefer, you can complete our beneficiary nomination form instead.
