Your pension savings 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.
- While the lump sum is paid at the discretion of the trustees, most beneficiary nominations are accepted.
- And normally the payment is tax free.