Pension Beneficiaries and Your Will


Being aware of the rules around leaving your pension to a beneficiary after you die can avoid lost money, or confusion with wills.

A survey of 2,000 adults found that 54% were not aware that their pension would go to the person named on their pension policy in the event of their death, rather than anyone named in their will. Pensions do not form part of an estate upon death, meaning pensions are not covered in wills in the same way that savings, investments and property are.

Check Your Beneficiaries

Personal pension policies were found to be the least reviewed, with over 75% of policy holders in the South West of England having not reviewed their plans since taking them out. A large percentage of people also do not know anything about the pensions their parents or siblings hold. This is significant, as if people are unaware if they are beneficiaries, they may not know to make a claim in the event of the policy holder’s death. People are likely to take out a number of pension policies over the course of their lifetime, so it is important they are reviewed regularly, with beneficiaries kept up to date on any changes.

If you would like help in planning your estate or reviewing of changing your pension policy, please get in touch. Our experienced advisers will be please to help you with any queries you may have.