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What happens to my retirement pot if I die before taking my money out?

If you die before taking your money, you can choose who should receive the benefits of your retirement pot. They can be your family members, friends, your favourite charity or any other organisation. They’re known as a nominated beneficiary.

If you’d like to see how to add or change a beneficiary, please see How do I add or change my nominated beneficiary?

Death before you’re 75 years of age

If you die before the age of 75, we’ll pay the percentage of your pot value decided by you to your nominated beneficiary. If you’ve chosen to nominate your favourite charity as your beneficiary, we’ll try to establish if you have any dependants. If we find out that you have no dependants, we’ll pay a lump sum death benefit to the charity.

In the absence of a nominated beneficiary, we’ll pay the lump sum death benefit to your personal representative. A personal representative is a person who is responsible to settle any outstanding liabilities or deal with your estate on your behalf. If there is no personal representative and if your retirement pot is less than £5000, we’ll pay the amount as decided by your trustee which could be one of your relatives, for example your spouse or civil partner, children, parents, siblings, grandparents and parent’s siblings.

Death after you’re 75 years of age

If you’ve chosen a nominated beneficiary we’ll try to find out if they’re your dependant or not. Depending on whether your nominated beneficiary is your dependant or not we’ll pay them either dependant annuity or lump sum death benefit.

In the absence of a nominated beneficiary, we’ll try to trace your dependants. If we’re able to trace any of your dependants we’ll pay them either dependant annuity or lump sum death benefit.

If we’re unable to trace any of your dependants, we’ll pay the lump sum death benefit to your personal representative. If there is no personal representative and if your retirement pot is less than £5000 we’ll pay the amount as decided by your trustee which could be one of your relatives as mentioned above.

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