If not, now is the time!
Essentially, an expression of wishes allows you to designate one or more beneficiaries whom you would like to inherit your pension.
While many people draw up an expression of wishes when they first open their pension, many forget that it needs to be updated as they move through life. Some also mistakenly believe that they don’t need to update it as long as they have a valid Will.
What happens if you don’t update your expression of wishes
Keeping your expression of wishes up to date is the best way to ensure your pension goes to your intended beneficiaries – otherwise, your money may not be distributed according to your wishes. Pension providers will mostly pay out according to their clients’ wishes, but they have the discretion to select different beneficiaries if deemed appropriate.
Failing to update your expression of wishes could therefore render the process of settling the death benefits a difficult and protracted experience for your beneficiaries at an already painful time.
We are on hand to assist you with all aspects of your pension planning.
The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.