Pension death benefits could go to the wrong person if crucial detail is not checked and updated
New research conducted by Opinium on behalf of pensions experts, Hargreaves Lansdown, found that only 38 per cent of people have kept expression of wish forms for all their pensions up to date. Over a quarter said they had not, 13 per cent were unsure and worryingly, some 24 per cent of the 2,000 people surveyed in September said they didn’t know what an expression of wish form was.
The senior pensions and retirement analyst at Hargreaves Lansdown, explains: “Updating expression of wish forms is easy to put off but doing so risks causing real problems for your loved ones in the event of your death. Not updating these forms when your personal circumstances change means your pensions risk being paid out to someone you don’t intend."
“We move jobs several times during our career and auto-enrolment means we likely will have a pension in every job, so care needs to be taken that these forms are updated to save your loved ones from a nasty shock and potential financial difficulties.” Top Money Stories Today Helen explained that they will also have different responsibilities depending on how the pension is set up.
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