Have you updated your pension expression of wishes?
If not, now is the time!
Essentially, an expression of wishes allows you to designate one or more beneficiaries whom you would like to inherit your pension.
While many people draw up an expression of wishes when they first open their pension, many forget that it needs to be updated as they move through life. Some also mistakenly believe that they don’t need to update it as long as they have a valid Will.
What happens if you don’t update your expression of wishes
Keeping your expression of wishes up to date is the best way to ensure your pension goes to your intended beneficiaries – otherwise, your money may not be distributed according to your wishes. Pension providers will mostly pay out according to their clients’ wishes, but they have the discretion to select different beneficiaries if deemed appropriate.
Failing to update your expression of wishes could therefore render the process of settling the death benefits a difficult and protracted experience for your beneficiaries at an already painful time.
We are on hand to assist you with all aspects of your pension planning.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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