What happens to the money in my flexi-access drawdown account if I die?

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.

Was this article helpful?

Please score it so we can improve and offer you more

 Members 97 people found this helpful