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Pass on your pension

It’s never easy thinking about what might happen after you pass away but deciding what to do with your pension savings is a small step you can take to gain control of the future. It’ll also give your loved ones one less thing to worry about at a difficult time.

Where to start

If you have a workplace pension with Fidelity, it’s really easy to tell us who you’d like to receive your pension savings. It’s quick and easy to do online through your PlanViewer account, although not all plans allow this to be done online.

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Log in to PlanViewer

To log in for the first time you’ll need your Fidelity Reference Number.

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Go to ‘Manage my plan’

If logging in via the app, you’ll need to click on ‘Actions’.

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Click ‘Manage beneficiaries’

You can choose up to 20 members of your family, friends, or charities.

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Why it’s so important

By telling us who you’d like to receive your pension (also known as ‘nominating a beneficiary’) it means we can get your pension savings to the people you choose faster, should the worst happen.

Your workplace pension is an extremely valuable investment and can be a tax-efficient way to pass on your wealth, as they fall outside of your taxable estate. This means your beneficiaries will not pay inheritance tax on the amount they receive from your pension savings.

It’s worth noting too that if you die before age 75, your pension can generally be paid tax free to your beneficiaries if they take the money as a lump sum. It will be subject to the lump sum and death benefit allowance (LSDBA). The standard LSDBA is £1,073,100. Some people might have a higher allowance if they also had a higher protected lifetime allowance, or tax-free cash protections.

If you take any tax-free cash from your pension while you’re alive (including a serious ill health lump sum) then your allowance will be reduced by the same amount. If the pension savings you leave are more than your LSDBA, whoever inherits them will have to pay tax on the extra amount, at their marginal rate of income tax.

The LSDBA doesn’t apply if you die after 75, or if your beneficiaries take your pension as drawdown or as an annuity.

Remember, tax is based on individual circumstances. Pension and tax rules may change in the future.

Keep contact details up to date for you and your beneficiaries

If you've moved home, got a new phone number, changed your email address or other personal details, it’s important to update your workplace pension provider with your most up-to-date contact details. That way, we can make sure you don't miss anything important, like your annual benefit statement.

The same goes for your beneficiaries. If you’ve changed your wishes for who will receive the money invested in your pension, or if your beneficiary has simply moved house, it’s important to update their contact details. That way, we can get your pension savings to the people you choose faster, if the worst should happen. It's a good idea to check your beneficiaries every few years to make sure they still reflect your wishes and that all the their details are still correct.

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The essential to do list to power up your pension

Did you know simple steps like keeping track of your pension and checking your details are up to date are vital? That’s why we’ve compiled a list of five small steps for you to take today which could make a big difference to your pension savings tomorrow.

Download to-do-list

Next steps

Review your retirement age

Your retirement age is automatically set for you when you join your workplace pension. But is it right for you?

Download the PlanViewer app

You can manage your account, including nominating your beneficiaries via the PlanViewer app. Download it today.

Your pension checklist

Make sure you have covered the basics with our guide to staying on top of your workplace pension.