It is possible to nominate more than one beneficiary, and decide in what proportion you want each to benefit. ![]() It is advisable to review your expression of wish (nomination) regularly, and to make fresh nominations as your circumstances change.Ī nomination is not usually legally binding however it does make your pension scheme aware of your wishes. ![]() Your pension provider should allow you to nominate beneficiaries at any time. When was the last time you reviewed the death benefits of your personal pension plan? This makes it possible to continue passing on the fund until it eventually runs out. An advantage of a beneficiary taking drawdown is that on their death any remaining funds may be passed on to further nominated beneficiaries. It’s worth checking what options your current pension provider will allow on your death, some are more flexible than others. This means that any beneficiary can elect to take an income (including in the form of drawdown) as well as a lump sum, subject to the provider making Flexi Access Drawdown (FAD) available. Where someone has been nominated as beneficiary by the plan holder they can receive pension benefits. The restriction that income can only be paid to a ‘dependant’ no longer applies. The changes were about who could receive your pension fund on death and how it might be taxed on your death. ![]() In April 2015 there were some significant changes regarding the treatment of death benefits for personal pensions.
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