We’ve Upgraded Our Beneficiaries Section

Last Updated: 27/10/2026 18:00

Securing your financial legacy just got easier. We have redesigned the beneficiary section inside your Pension App account. This upgrade makes it easier to choose who you would like to receive your death benefits.

Why Setting Your Beneficiaries Matters

Many savers assume that a standard will automatically covers their pension pot. In reality, pension funds generally do not form part of your legal estate. Instead, the pension scheme administrators hold ultimate legal discretion over who receives your money.

By logging in and setting your beneficiaries, you provide clear guidance to our administrators. Please be aware that whilst any nominations you make are not binding, they will be thoroughly considered by the scheme administrator in the event of your death. Taking five minutes to update this expression of wish gives your family invaluable peace of mind.

The Tax Advantages

Passing on a pension can be tax-efficient. Under current rules, if you pass away before the age of 75, your beneficiaries can usually inherit the fund free of Income Tax. If you pass away after age 75, beneficiaries will normally pay Income Tax on withdrawals at their marginal rate.

Important Estate Note: Under the Finance Act 2026, the law is changing. For deaths on or after 6 April 2027, most unused pension funds and pension death benefits will be brought within the value of a person’s estate for Inheritance Tax (IHT) purposes. Keeping your beneficiary nominations up to date can therefore form an important part of keeping your pension arrangements in order.

What’s New?

Our upgraded interface makes it simple to update your beneficiary information:

  • Interactive Allocation Sliders: You can instantly adjust your fund splits using sliding toggles or manual percentage boxes.

  • Instant Validation: The system calculates your totals automatically and ensures your allocations reach exactly 100% before allowing you to save them.

  • Complete Record Freedom: You can view beneficiary details, remove old allocations or add new beneficiaries.

Log into your Pension App account today to review and confirm your current allocations.

A screenshot showing the new beneficiaries interface, in the default view.A screenshot showing the new beneficiaries interface, in the editing view.

Important Information

A pension is a long-term investment not normally accessible until age 55 (57 from 6 April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation, which are subject to change.