No results found.
Try a different search term or browse the help topics below.
An expression of wish is a document that tells us who you want to receive your money or lump sum if you die.
It helps guide the pension trustees’ decision in choosing your beneficiaries.
It's important to keep your expression of wish up to date, just like your will, to reflect any changes in your circumstances over time.
You can add and change your beneficiaries via the ‘Beneficiaries’ page within your Smart Pension account, where you will be asked to add your chosen beneficiaries’ details.
Make sure you set the payment percentage as "100". As you add more beneficiaries, you can adjust this percentage. The total should always add up to 100 across all beneficiaries.
Without an expression of wish, it can be difficult for us to establish where your savings will go. You don’t have to provide one, but we strongly encourage you to as it ensures your wishes are taken into consideration.
We always do our best to accommodate your wishes, but we have a legal duty to ensure that the most appropriate people receive the funds.
For example, if your expression of wish leaves your pension fund to a friend, but you have a financial dependant, this may need to be taken into consideration. The trustees have discretion as to who should receive the payment. When making their decision, they may take into account:
Yes, you can add as many beneficiaries as you like and you can specify what percentage of your pension savings you’d like to go to each one. Read more to find out how to add or change your beneficiaries.
Planning your beneficiaries is an important part of your retirement planning. Your Smart Pension account and retirement tools let you manage your savings, explore options like Smart Retire, and make sure your pension continues to work for you and your loved ones.
From 6 April 2027, the UK government plans to change how pensions are treated for inheritance tax purposes.
Currently, most workplace pensions are held outside of your estate. This means they are not usually included when inheritance tax is calculated. However, under the new rules, most unused pension savings and death benefits may be included as part of your estate when assessing inheritance tax.
This represents a change in how pensions are treated, particularly where savings are passed on rather than used during retirement.
There are still important exceptions. For example:
In most cases, any inheritance tax due would be handled by the personal representatives of your estate, rather than the pension scheme itself. Although we are expecting further guidance on this, as it may be possible for pension schemes to pay tax directly on the request to the personal representative.
These changes are due to come into effect from April 2027 and may continue to evolve. For many people, pensions are still expected to remain a tax-efficient way to save for retirement, but it’s worth keeping up to date as the rules develop.
Here at Smart Pension, we want as many people as possible to retire their way. That's why it’s important for you to understand what happens to your pension savings if you die before retirement.
Download the Smart Pension app and sign in today so that you can update your beneficiary details.
Need help with retirement planning? Contact our Retirement Support Team by calling 0330 174 0643 or by filling out a contact form.