Nomination of beneficiaries / expression of wishes

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Nomination of beneficiaries / expression of wishes

It is a common misconception that on death, your pension will get paid to those in your will. The trustee may take this into account, but the key is to make sure you have told the trustee your wishes.

Your best chance of having your wishes carried out, is to complete a nomination form. This might also be known as an expression of wish form.

What a completed form does is tell the trustee how you want your money to be paid out in the event of your passing.

Three things to consider.

Not completing one means that your voice is lost. You wont be able to make the argument beyond the grave.

Perhaps you’ve separated from your wife but are still married. The trustee may award the benefit to her.

Not keeping it up to date might have unintended consequences.

Say you’ve named an old boyfriend as a beneficiary but have since married and had children. If they’re listed as a beneficiary, the trustee may well bypass your family and pass the fund to your old lover.

You may want your benefits paid directly to a charity. You can use a nomination form for this.

Will a trustee ever go against my nomination?

This can happen but is very rare. For example you nominated your fund to go to a London based dogs charity, but it would leave your wife penniless.

The trustee has the ability to overrule your expression of wish form should your wife make a claim for the fund.

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