Nearly 72 per cent of UK savers say they have never filled out an expression of wish form, which names beneficiaries in the case of the customer’s death while receiving pension payments, according to research from Canada Life.
Almost 71 per cent of those aged 55 and up claim they haven’t completed one of these ‘pension wills.’ The pension firm has an up-to-date expression of wish form, and if the customer dies, it will help distribute the pension quickly and efficiently, taking into consideration your wishes. In the absence of an expression of wish form, any beneficiaries getting the pension could face delays, or even worse, unintended beneficiaries obtaining the payment.
Canada Life technical director Andrew Tully says: “A huge number of UK workers have been auto-enrolled into pensions over the past few years so it’s both surprising and concerning more people either haven’t completed a pension will or perhaps can’t remember. Having an up-to-date form lodged with your pension company makes sure the company knows who you would like to benefit should you die.
“The expression of wish provides a valuable piece of evidence when the trustees are trying to establish the right beneficiaries to receive the money.
“It may seem something you can put off to another day, but the expression of wish form should only take a few minutes to complete. Ask your pension provider or HR department for a copy to complete. If your circumstances change, you should always review and submit a new form if required.”