Have you thought about what will happen to your pension, if you die before it’s claimed?

It’s not the most cheerful topic, but it’s important to all of us that our loved ones are provided for.

One of the benefits of your pension scheme is your beneficiaries could receive a cash lump sum if you die. It’s not a fixed amount and will depend on your circumstances at the time of your death.

To make sure the money is paid in line with your wishes, it’s important to tell the Trustee who your beneficiaries are. You can nominate an individual, several people, a charity or organisation.

The cash lump sum is normally tax free. But if the Trustee doesn’t know where to pay the money, it could take longer to pay out. This means it might be taxed.

Nominating a beneficiary may speed up the decision about where the money goes, which will spare extra heartache and worry at a difficult time for your loved ones.

The easiest way to nominate is by filling in the expression of wish form, available here. You can then send it by post to the address on the form.

If you’ve recently completed your nominations, that’s great! But if circumstances change, it’s important to keep them up to date. It’s worth reviewing your nominations every couple of years so they continue to reflect your wishes.