Pension Expression of Wish
Pension Expression of Wish
A pension expression of wish (also known as a pension beneficiary nomination) tells your pension provider who you would like to receive your pension death benefits when you die.
In the UK, pensions are usually outside your Will, meaning your Will does not control who inherits your pension. An up‑to‑date expression of wish is therefore a key part of pension and inheritance tax (IHT) planning.
What Is a Pension Expression of Wish?
A pension expression of wish is a form completed with your pension provider that names your chosen pension beneficiaries. This could include:
- A spouse or civil partner
- An unmarried partner
- Children or grandchildren
- Other family members
- In some cases, a charity
Although the form is not legally binding, pension trustees normally follow a clear and current expression of wish when paying pension death benefits.
Why Pension Expressions of Wish Are Important
Your Pension Is Not Covered by Your Will
Most UK pensions are held in trust and do not form part of your estate. This means your Will does not determine who inherits your pension. Instead, trustees rely on your pension expression of wish when deciding who should receive the benefits.
Ensuring the Right People Inherit Your Pension
Without a pension beneficiary nomination, trustees must use their discretion to decide who should receive your pension. This can lead to delays, uncertainty, or outcomes that do not reflect your wishes.
A completed expression of wish helps ensure your pension passes to the people you intend.
A Key Part of Pension and Inheritance Tax Planning
Pension death benefits are often paid directly to beneficiaries, rather than into the estate. This can play an important role in estate and IHT planning, depending on individual circumstances. Though this is changing from April 2027 in that pensions will form part of the estate for inheritance tax purposes.
Keeping pension nominations up to date helps ensure pensions work as intended alongside your wider estate plan.
What to do next?
To discuss your Pension Expression of Wish with one of our Chartered Advisers, you can call us on 0345 688 4939 or fill in our enquiry form below; it only takes 20 seconds to complete.
Once you have done this, one of our Chartered Financial Planners will then contact you as soon as possible to discuss our planning process and how we can help you achieve your goals and objectives.
What Happens If You Don’t Have an Expression of Wish?
If no expression of wish is in place, or if it is out of date, pension trustees will decide who receives the pension. This may result in:
- Delays while family circumstances are reviewed
- Benefits passing to unintended recipients (such as an ex‑partner)
- Additional stress for loved ones
- Potential inheritance tax complications if benefits are paid into the estate
Keeping Your Pension Beneficiary Nominations Up to Date
Your pension expression of wish should be reviewed regularly and updated after major life events, including:
- Marriage or civil partnership
- Divorce or separation
- Birth or adoption of children
- Death of a named beneficiary
- Changing jobs or pension providers
Each pension arrangement has its own expression of wish, so older workplace pensions should not be overlooked.
Pension Expressions of Wish and Your Wider Estate Plan
Your Will, pension arrangements, and inheritance tax planning should work together. An outdated or missing pension expression of wish can undermine an otherwise well‑structured estate plan.
As part of wider pension and IHT planning, it’s important to ensure all pension beneficiary nominations reflect your current wishes.
Speak to a Financial Planner About Inheritance Tax and Trust Planning
If you’ve been introduced to us by a trusted friend, family member or professional connection, or if our approach resonates, we’d be happy to talk.
If you’d like to review your pension expression of wish or make sure your beneficiary nominations still reflect your current wishes, please get in touch using the details below.
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