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While it’s not a nice thing to think about, there are some things to be aware of for when the worst happens. Most people save money for years to fund their retirement, so it can give you real peace of mind to know where your money could go after you die.
Pension providers will take into account the people or causes you want to leave your money to when you die. However, it’s ultimately up to the provider who receives your pension money. The people or causes receiving your money are commonly referred to as your ‘beneficiaries.’
Not all pension types will let you do this, but most modern pensions will give your beneficiaries a range of options. It’s best to check with your provider if you’re unsure.
You have the option to transfer your pension plan to another provider if your current pension plan doesn’t offer the death benefits or flexibility you’d like. Transferring isn’t for everyone and you should seek financial advice before starting a transfer if you’re unsure.
You can learn more about how Standard Life pension transfers work and what to think about here:
The process will be different depending on your provider. With a Standard Life personal pension you can name and update your beneficiaries online by logging in . For all other pension types, please call 0345 606 0093 (call charges will apply).
Keep in mind that not all pension plan types let you nominate a beneficiary.
Keep in mind that you can’t leave instructions for what you want to happen to your pension money in your will. That’s why it’s worth speaking with your pension provider about your options in advance.
We have a whole guide that looks at ways to pass on your money tax-efficiently. It covers things like inheritance tax, beneficiaries and more.
There are a few things to think about if you’re part of a workplace pension scheme. For example, some workplace pensions come with a type of life insurance, which could pay out a lump sum to your loved ones if you die while still employed. You should check with your employer what death in service benefits they provide.
Some workplace pension schemes even pay a guaranteed income for life (an annuity) to your partner and loved ones when you die. The full range of death benefits you could get depends on the provider. The Pensions Advisory Service has more information on death and workplace pensions if you want to know more.
Should the worst happen to a member of your family, speak to their pension providers directly. They should be able to tell you what options you have and what to do next. You can also contact their employer if you need to find out about their workplace pensions.
You can contact Standard Life directly if you need to speak with us about a family member who has passed away.
Save and invest money for the future with our Active Money Personal Pension.
We have many guides and tools to help you get the most out of your pension savings.