Aegon workplace is now offering customers the ability to add or edit beneficiaries for their pension fund online.
This new development follows the launch of the Aegon App, enhanced ISA proposition, and the creation of ‘Member Insights’, a dashboard that Aegon provides employers to help them understand the profile of their employee’s engagement with their pension.
Pension funds are usually not considered part of an individual’s estate for the purposes of inheritance tax, which makes death benefits particularly valuable.
But if nominations for beneficiaries are not made, then the pension scheme trustees or administrators will not have a record of who the member would like to receive any remaining pension benefits in case of death which could result in delays and unnecessary confusion.
Aegon Workplace Investing managing director Linda Whorlow says: “We encourage our members to nominate their beneficiaries as soon as they can, which they can now do conveniently online. Ensuring this is completed and kept up to date helps to minimise delays during what can be a difficult time for families and loved ones.
“Having this application available digitally will help provide a seamless online experience and provides our customers with peace of mind that the trustees will have the correct details on file should the worst happen.”
