Why it pays to update your pension expression of wishes
14/05/2021
14/05/2021
Multiple beneficiaries can be named, and you can state how much of your pension you want each to receive. However, while many people complete an expression of wishes when they first open a pension, it’s easy to forget to update it as circumstances change or mistakenly believe this isn’t necessary as long you have a Will.
The best way to ensure your wishes are followed is to keep your expression of wishes up to date. If you don’t, there’s a risk your money may not end up where you wanted it to. Pension providers will normally pay out according to their clients’ wishes, but they have the flexibility to choose different beneficiaries if deemed appropriate. Not updating your expression of wishes could therefore make the process of settling the death benefits more difficult and drawn out for potential beneficiaries at an already painful time.
We can help with all aspects of your pension planning, so don’t hesitate to get in touch if you’d like further assistance updating your pension expression of wishes.
Reflecting on your past finances to secure the future
Key Points of the Spring budget 2021
Market update from Lloyd & Whyte
Hopes of a “swifter and more sustained economic recovery”
Vaccines put a spring in investors’ step
Lloyd & Whyte (Financial Services) Ltd are authorised and regulated by the Financial Conduct Authority. It is important to take professional advice before making any decision relating to your personal finances. Information within this newsletter is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Registered in England No. 02092560. Registered Office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA Calls may be recorded for use in quality management, training and customer support.