What is an Expression of Wishes for my Pension?

An expression of wishes is a document that lets you provide your Pension Provider(s) details as to which beneficiary(s) you wish to receive your pension when you pass away. This can be completed without needing a solicitor, and your pension provider can obtain an ‘expression of wish’. Simply, complete a form or apply online. While an ‘expression of wishes’ isn’t mandatory, it is strongly recommended that you complete one for them to retain your wishes on file.

The form itself is simple and will ask for the following:

• Your name, national insurance number and pension account number
• The name, address, Date of birth and relationship of the beneficiaries you decide
• The percentage of pension you’d like each beneficiary to have must add up to 100% in total value.

Below is an example:

Who can I nominate?

Anyone, including a child, partner, relative or associate, may be nominated. In most circumstances, you may nominate charities if you wish. There is no limit to the number of beneficiaries you choose. However, there may be restrictions on who you can name for a final salary pension on a specific type of workplace pension. It must be in accordance with the scheme rules. Beneficiaries of a DB scheme are restricted by law and are usually dependants only.

If you were to nominate persons under 18, in most cases, the provider could only pay out the beneficiary if a trust or other similar arrangement.  Alternatively, they would expect a guardian to be appointed until they reach a certain age, which you can specify. You may also consider naming an alternative beneficiary(s). For example, an alternative beneficiary can be named should the initial beneficiary not survive and/or refuse to accept. As a result, this will give you greater certainty of what will happen to your pension.

Why is it important to keep the expression of wishes up to date?

Overall, it is vital to ensure that an expression of wishes is kept up to date and consistently reviewed, such as any changes to your circumstances that may occur. This may include the death of a beneficiary, a change in marital status, or a change of your or your beneficiary’s address.  This will ensure your wishes can be met, and the pension provider can contact you about any important details.

How can we help?

Want to learn more about your pensions, such as how you could be affected by divorce or how to consolidate your existing pensions?  A financial adviser can bring you clarity and make a personal recommendation to you and your needs.

For any other enquiries about your retirement, don’t hesitate to contact us on 01903 534587. This information is for information only and does not constitute individual legal or financial advice. ‘Financial Conduct Authority does not regulate tax or trust planning’.