Look after your successors with an Expression of Wish

05 May 2023

Look after your successors with an Expression of Wish

King Charles III will be crowned successor to the throne on Saturday 6 May, but have you thought about what your own ‘successors’ might get in the event of your death? An Expression of Wish could make a difference.

Why make an Expression of Wish?

A valuable benefit of your Scheme membership is that a lump sum might be paid if you die before taking your pension. This is usually tax-free.

You can tell us who you want the money to go to by making an Expression of Wish. The Trustee considers your Expression of Wish when deciding who to make any payments to.

If you don’t make an Expression of Wish, the Trustee may not know where to pay the money. This could mean the payment is delayed, and even taxed as a result.

It’s a difficult time when you lose someone, without adding financial stress and disagreements between friends and family. So it’s a good idea to make an Expression of Wish to help prevent unnecessary worry.

Who can I add to my expression of wish?

You can add:

An individual, or several people, such as family and friends
Organisations or good causes
Charities

You can add as many people as you want to.

Your Expression of Wish is confidential, so the people or organisations you’ve listed won’t know if you’ve added or removed them as a beneficiary.

Make sure to keep your Expression of Wish details up to date so they still reflect your wishes, particularly if your circumstances change. You could make a note in your diary to review your expression of wish every year or so.

How do I make an Expression of Wish?

To make an Expression of Wish, you can print off the online form and complete it.

Is an Expression of Wish the same as a will?

An Expression of Wish is not the same as a will. Your Expression of Wish shows where you’d like a lump sum from your pension to go if you die before you claim it, and this cannot be covered in your will.

Many people think everything they own will be given out according to their will when they die. It’s important to remember that if you die, your pension is separate to the rest of your estate.