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What happens to my pension
when I die?

Illustration of woman looking at smartphone

Nobody likes thinking about what happens after they die. But it’s important to tell Nest who you would like to inherit your pension pot, to make sure it goes where you want, in the easiest possible way.

What happens to my pension when I die?

Who should inherit your pension if you die?

It's important to let us know who you would like to inherit your pension pot. You could choose one individual or several people, a good cause or any combination of these. 

Who you select is called your beneficiary.

You have two choices when telling Nest how to pay a beneficiary and this will affect how we make the payment.

Make a nomination

  • We will pay your pension pot only to who you tell us to
  • Your pension pot will usually form part of your estate for Inheritance Tax purposes
  • You can update your beneficiaries at any time
  • You can change to an ‘expression of wish’ at any time.

Find out how to make a nomination.

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How to make a nomination.

It’s important to let us know who you would like to receive your Nest retirement pot if you die before taking your money out of Nest. One way to tell us is by making a nomination.

More about how to make a nomination

Make an expression of wish

  • We will take your wishes into account when deciding who we pay your pension pot to
  • We can also consider any changes to your personal circumstances before making a payment
  • Your Nest pension pot will not usually be considered for Inheritance Tax purposes
  • You can change your beneficiaries at any time
  • You will no longer be able to choose the option to ‘make a nomination’.

Find out how to make an expression of wish.

Older woman looking at smartphone

How to make an expression of wish

It’s important to let us know who you would like to receive your Nest retirement pot if you die before taking your money out of Nest. One way to tell us is by making an expression of wish.

More about how to make expression of wish

What happens if you do nothing?

We'll normally have to pay your retirement pot to whoever is appointed to look after your estate. If the pot is £5.000 or under we may pay to one or more of your relatives.

How to manage your beneficiaries

Everyone is different. The right choice for you, will depend on your situation and preferences.

For more information to help you decide what’s right for you and to tell us about your beneficiaries, simply log into your online account, click on ‘Edit your profile’ and from this page select ‘Manage your beneficiaries’.

As your circumstances can easily change, it’s important to make sure your beneficiary details are always kept up to date.