Research by Canada Life has found that three quarters of the UK population have not completed or updated their ‘Expression of Wishes’ on death for their pension scheme. The so called ‘Pension Will’.
Many people are not aware that most pensions schemes are:
Pension schemes such as defined benefit schemes usually and automatically have a spouses benefit on death e.g., a 50% surviving spouse or dependent pension on death. So, these do not present a problem.
The problem lies with investment linked, defined contribution pension funds such as personal pensions, flexible drawdown pensions and workplace pensions where the pension fund value is paid out on death to beneficiaries. It is these types of pensions that really do need an expression of wishes updated.
Reasons to update Expression of Wishes
We can help you with completing or updating your Expression of Wishes or Pension Will on death.