Your pension savings will hopefully support you for as long as you live, but you can normally pass on anything that’s left over to a loved one – or to several people, a charity, a company etc.
If you die before you’ve accessed your pension savings (or before you’ve taken them all), the remaining value will be paid as a lump sum. If you’re in The People’s Pension, you can tell us who you’d like to receive this by nominating a beneficiary in your online account or within mobile app.
- You can have more than one beneficiary and you can decide what percentage goes where.
- While the lump sum is paid at the discretion of the Trustee, most beneficiary nominations are accepted.
- And normally, the payment is tax free.