Your pension helps protect your loved ones' future

Nominate a beneficiary

A pension isn’t just a pot of money for your retirement. It can also be a valuable asset to your loved ones if you die before you retire. 

Pension death benefits allow your beneficiaries to receive your pension savings in the form of a lump-sum payment or ongoing income (annuity). The options available will depend on your pension scheme’s rules on death benefits.

To give your family clarity and to make the process smooth, you should make sure you complete your expression of wish. This informs your pension provider of exactly who you would like to receive your savings, and it can be updated whenever your circumstances change.

Keeping your nominations up to date means that your pension savings should go where you want them to, with no hassle or complications.

How do I keep my details up to date?

You should therefore let your pension provider know what you would like to happen to your pension savings if you die before taking them. The good news is that it’s quick and easy to let us know – you just need to add your beneficiaries in your Smart Pension account. We’d also recommend that you check your beneficiaries every couple of years or so and take the opportunity to update it as necessary.

Transfer pensions over to one place

Many people have multiple pension pots from different jobs. Transferring pensions from previous jobs can give you a single view of your savings, making it easier to manage and track your retirement progress. It also means you’ll be paying fewer fees. 

Bringing your pensions together will then simplify things for your loved ones. Instead of dealing with multiple providers, they would only need to access one account. 

And when it’s time to access your pension, you don’t need to worry about accessing different accounts. Managing your pension with a single provider like Smart Pension means everything is already set up, making the transition into retirement simple and less stressful.

Use our tools and plan for retirement

If you want to live your ideal retirement lifestyle, while also having enough savings for loved ones, you should look at your pension and see where you could improve. 

If you’re a Smart Pension customer, you can use the in-app pension calculator to discover what kind of lifestyle you’ll be living in retirement based on your contributions. For a more comfortable lifestyle for you and your loved ones, you might want to start increasing your contributions.

Should I have a conversation with my family?

Open conversations about finances can prevent confusion and stress for everyone involved later on. 

Let your loved ones know that you have a pension, where it is held, and who you’ve nominated as beneficiaries. This straightforward approach gives everyone clarity and confidence in your plans.

Bring it all together

Taking care of your family and planning for retirement work best when done together. 

By keeping your pension organised, making clear nominations, and bringing your savings together to create a single view, you can give clarity to your loved ones and be confident in your own financial future.

Final thoughts

Planning for your loved ones and planning for retirement go hand in hand. 

By keeping your pension organised and building a clear view of your savings, you’re putting yourself in a stronger position for the future, while making things easier for your family.