Where this fits
Every pension you hold has its own form, and there is no central place to update them. We go through the lot with you.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
It is the form that tells your pension scheme who you would like to receive your pension when you die. Most schemes treat it as a request they consider, and they are not bound by it.
A pension does not usually pass under your will. Where the scheme pays at the trustees' discretion, they decide who receives the money, and the expression of wish is the main thing guiding them. A will that leaves everything to your children does not move a pension pointed at an ex-partner.
Because trustees have discretion, the payment falls outside the estate for probate. That same discretion means a stale form can send a substantial sum to somebody you have not spoken to in fifteen years.
A will that leaves everything to your children does not move a pension pointed at an ex-partner.
Usually not. Most schemes give trustees discretion and the form guides them. They will normally follow a clear, current nomination unless circumstances have obviously changed.
The discretion is what keeps the payment outside the estate for probate, so it is generally an advantage. From 6 April 2027 it no longer keeps the money outside the estate for inheritance tax.
Yes, and you can give percentages. You can usually name a trust as well, though whether that is sensible depends on your circumstances.
Through the scheme or provider, and separately for each pension you hold. There is no central place to do it.
Every pension you hold has its own form, and there is no central place to update them. We go through the lot with you.
Independent Financial Adviser
Independent Financial Adviser
A first conversation of about twenty minutes, at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.