Why you need to complete an expression of wish form

If you have a pension, you’ll usually be able to withdraw your pension when you reach your retirement age.

But, if you die before reaching retirement, your pension provider will need to know who to send your savings to. This is where an expression of wish form comes in.

Sometimes you might hear the form referred to as ‘nominating beneficiaries’ (beneficiaries being the people who will receive your money if you die).

Although it’s not mandatory you complete one - it’s important you have this in place because you can’t leave your pension savings in your will.

Crucially, the form it isn’t a legally binding contract, but your pension provider will take your wishes into account.

How to do it…

Each provider (whether it’s a workplace scheme or a private pension) will have their own form. So, if you have more than one pension across multiple different providers, you’ll need to complete each respective form.

They’ll have encouraged you to complete one when you signed up – which could be when you were automatically enrolled. It might have slipped you by at the time, but providers usually send out reminders each year to get your form up to date.

Of course, if you filled one out when you signed up, it could be that the details of the person you nominated need updating. It’s always worth double checking. Nobody wants to send their life savings to an ex, after all.

You’ll generally need your:

• Name
• National Insurance number
• Pension account number

You’ll need your beneficiary’s:

• Name
• Address
• Date of birth
• Relationship to you

And if choosing more than one beneficiary (you’re allowed as many as you like), you’ll need to elect what percentage of your pension each beneficiary will receive.

Some providers also let you leave part or all of your pension to charity.

If you have an online account, you should be able to complete and update your form online. Sometimes, you’ll need to do it the old-fashioned way: with a post box.

It’s important to know that some pensions, especially final salary (DB) pensions, have stricter rules about who you can name as a beneficiary, so remember to check that the person you’re naming is eligible.

It’s not set in stone

Choosing your beneficiary today is not a final decision. As we mentioned, sometimes circumstances change. After big life events, you might want to reconsider where your money goes. The important thing to remember is to keep you form up to date. If the wrong person ends up with your pension savings, it could lead to a nightmare of appeals for everyone involved – the last thing anyone would want during what would be an already difficult time.

If you’re not quite sure where to go to complete your expression of wish form, you can contact your workplace’s HR team, or go directly to your pension provider. It’s important to make sure your beneficiary details are correct and up to date.

DO NOT EDIT THIS BOX UNLESS YOU'RE NOEL