What is a beneficiary?

A beneficiary is a person you nominate to receive your pension savings when you die. You can nominate one or more beneficiaries and decide what percentage of your pension each person should receive.

Is this legally binding?

Your nomination helps guide how your pension is distributed, but it isn’t legally binding. The pension provider or scheme administrator will usually take your wishes into account when deciding who receives your pension benefits.

Allocating percentages

If you nominate more than one beneficiary, you’ll need to decide what percentage of your pension each person should receive. The total allocation must add up to 100%.

Can I change my beneficiaries?

Yes. You can update or remove beneficiaries at any time. It’s a good idea to review your nominations if your circumstances change.

What happens if I don’t nominate anyone?

If you don’t nominate any beneficiaries, the pension provider or scheme administrator will decide who should receive your pension benefits, typically based on your circumstances and family relationships.