Nominating a beneficiary

If you’ve worked hard to contribute to a pension throughout your working life, you’ll want peace of mind in what happens to the money when you die. While nominating a beneficiary is not legally binding, completing this (also known as expression of wish) is important and can help make sure any pension savings are passed down to your chosen loved ones.

Depending on your pension provider, you may be able to add beneficiaries on your online account, or you may need to fill out a paper form to confirm this.

How much your beneficiaries receive can depend on several things, such as the type of pension you have, whether you’ve started taking benefits and how old you are when you die.

Financial advisers have access to the latest product research and can talk you through the benefits, risks, charges, and tax implications of different savings as well as withdrawal options. This means they’re well placed to help you decide which option might be best for you.

If you don't have a financial adviser, you can visit Moneyhelper to find the right one for you

Look out for scams

As you come to take your retirement savings, you could be at an increased risk of being a target of pension scams. Scams are becoming increasingly sophisticated and can come in different formats. For example, phone calls, emails, letters, and text messages. They may offer false promises such as better returns on your investment, to draw you into the scam.

Read our information on how to stay ‘Scam savvy’ as well as what to do if you think you’ve been scammed on our Pension Scams page. You can also find information on the FCA website.

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