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Pass on your pension

Nominate your beneficiary.

Remember, tax treatment depends on individual circumstances and all tax rules may change in the future.

Protect what’s yours

Your workplace pension is an extremely valuable investment and it’s good to know how you can protect it and the ones you love. Pensions can be a tax-efficient way to pass on your wealth, as they fall outside of your taxable estate. It also means your beneficiaries can leave the money invested, without paying any tax on the capital gains (though they will have to pay income tax on any withdrawals).

It’s worth noting too, that if you die before the age of 75, your pension can be paid tax free to your beneficiaries so long as they take the money or start drawing it down within two years. If you live beyond 75, they’ll only pay tax on the money they take at their normal rate of income tax.

Look after the ones you love

By nominating a beneficiary using an Expression of Wish form, you can make sure your loved ones benefit from your pension. It’s quick and easy to do online through your PlanViewer account, although not all plans allow this to be done online. You can choose to nominate a person, divide your pension between family and friends, or give some or all of it to charity.

When you are in PlanViewer, go to ‘Manage my plan’ and ‘Update beneficiaries’.

Important information: The value of investments can go down as well as up, so you may not get back the amount you originally invest. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age. Tax is based on individual circumstances. Pension and tax rules may change in the future. This information is not a personal recommendation for any particular investment or course of action. If you are unsure about the suitability of an investment or course of action for you personally, you should speak to an authorised financial adviser.

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