You can nominate someone to be considered to receive your pension savings if you die – called your ‘beneficiary’.
If you’ve already nominated a beneficiary for your pension pot with The People’s Pension, the same beneficiary will be registered for your flexi-access drawdown account with us. If not, you can nominate a person through your Online Account.
If you die before you’re 75, your beneficiaries can normally receive your remaining pension pot as tax-free lump sums. If you die after you’re 75, your beneficiaries will have to pay tax on any lump sums paid.