Pass on your pension
It’s never easy thinking about what might happen after you pass away but deciding what to do with your pensions 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. Your workplace pension is an extremely valuable investment and it’s good to know how you can protect it and the ones you love.
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. And you can choose up to 20 family, friends or charities. It’s quick and easy to do online through your PlanViewer account, although not all plans allow this to be done online.
Log into PlanViewer
To log in for the first time you’ll need your Fidelity Reference Number.
Go to ‘Manage my plan’
If logging in via the app, you’ll need to click on ‘Actions’.
Click ‘Manage beneficiaries’
You can choose up to 20 members of your family, friends, or charities.
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 the age of 75, your pension can be paid tax free to your beneficiaries if 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.
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. With your most up-to-date contact details, 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.
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