We all want to provide for our loved ones after we’re gone, so it’s good to know that your Scheme membership includes a valuable lump-sum payment to your beneficiaries if you die before you claim your pension.
It’s important to submit an Expression of Wish form to tell the Trustee who you’d like your beneficiaries to be and how you’d like the payment divided up. You could choose family members, other significant people in your life, or an organisation such as a club or charity.
The payments are at the Trustee’s discretion and are therefore not usually liable to Inheritance Tax. When deciding where the death benefits should be paid, the Trustee will assess your circumstances and the evidence available at the time of your death.
By keeping your Expression of Wish form up to date, you can help the Trustee understand where you’d like your benefits to be paid. Although the Trustee is not obliged to follow your wishes, it will always take them into consideration.
You can complete a new form at any time (we’d recommend at least every two or three years) and there is no limit on how many times you can update it. Your most recent Expression of Wish form will override all previous forms you have completed.