Check Pension Death Benefits During Coronavirus Lockdown
Published / Last Updated on 27/04/2020
Many do not know but most pension funds are trusts and they do not form part of your estate on death.
Pension funds that can be paid out on death, many times in full, are usually paid out at the discretion of trustees to your loved ones.
When you set up a pension scheme you usually complete an “Expression of Wishes” section, which tells the pension scheme trustees who you would like to benefit from your pensions or work’s death in service life insurance cover should you pass away. This is not binding on the trustees but they will usually take it into account.
- What if you have separated from a former partner and they are named as your potential beneficiary?
- What if you have since married or found a new partner and your parents are named as your potential beneficiary?
- What if you now have children and would prefer them to benefit?
- What if you now have nobody to leave benefits too, who would you like to benefit?
Coronavirus lockdown is perhaps a time to revisit your pensions and death in service benefits and update your ‘Expression of Wishes’ on death.
