- Aegon workplace pension customers can now electronically nominate who they’d like to be considered as beneficiaries of their pension fund by completing their nominations online – also known as an ‘expression of wish’.
- Updated nominations mean the pension scheme trustees or scheme administrator will have a record of the beneficiaries the customer wishes to receive the benefit upon death.
- This service will also be actively promoted via the ‘Member Insights’ employer dashboard.
- This further enhances Aegon’s ambitions to create a world dominating digital experience, making it easier for Aegon customers to stay in control of their financial future.
Aegon workplace has taken another major step forward, with the ability to add or edit beneficiaries for their pension fund online making it even easier for members to make vital updates. This follows the successful launch of the Aegon App, enhanced ISA proposition and the creation of ‘Member Insights’, a dashboard that Aegon provides employers to help them understand the profile of their employees’ engagement with their pension.
Pension funds normally sit out of scope of an individual’s estate for the purposes of Inheritance Tax, making death benefits particularly valuable. However if nominations aren’t made, then the pension scheme trustees or scheme administrator won’t have a record of who the member would like to receive any remaining pension benefits on their death and may result in delays.
As circumstances can change, it’s important that potential beneficiaries are reviewed regularly. For example, following big life changes such as the birth of children or grandchildren, marriages and divorces. Keeping the nomination up to date helps the trustees or scheme administrator with their decision making if a death benefit becomes payable.
Linda Whorlow, Managing Director - Aegon Workplace Investing, comments:
"We encourage our members to nominate their beneficiaries as soon as they can, which they can now do conveniently online. Ensuring this is completed and kept up to date helps to minimise delays during what can be a difficult time for families and loved ones.
"Having this application available digitally will help provide a seamless online experience and provides our customers with peace of mind that the trustees will have the correct details on file should the worst happen."