What’s a nominated beneficiary?

 

Your pension will hopefully support you for as long as you live, but you can pass on anything that’s left over to a loved one – or to several people, a good cause, a company etc.

If you’re in The People’s Pension, you can nominate them as your beneficiary in your Online Account. They’ll then receive a lump sum if you don’t take all of your pension savings, or if you die before you access them.

  • You can have more than one beneficiary and you can decide what percentage goes where.
  • And the lump sum is paid at the discretion of the Trustee, so it’s usually tax free.

Was this article helpful?

Please score it so we can improve and offer you more

LikeDislike
Loading...
Members 2 people found this helpful