Log in to now:u and go to Pass it on.
You’ll be asked to put in details for the people you want to pass your savings on to. They don’t have to be people – you can also pass money on to organisations, such as charities.
If you’ve got more than one person or organisation, you’ll also need to say what percentage of your pension savings you want them to have. Please make sure your percentages add up to 100%.
Keeping up to date
Once you’ve named who you want to pass your pension savings on to, please keep it up to date. Things like marriage, divorce, having children, bereavement – these can all change who you want your pension savings to go to.
Every three years you’ll get a reminder to log in to now:u and check you’re still happy with the people or organisations you’ve named. If you don’t change anything, you’ll be asked to confirm your wishes haven’t changed. This is because the more up to date your information is, the more certain the Trustee can be that these are your final wishes.
Who decides where the money goes?
The now:pensions Trustee has the final say over where the money goes, although they’ll usually follow your wishes.
This means your pension savings can be paid without inheritance tax, because they aren’t treated as part of your estate – the money and belongings you leave when you die.
This changes from 6 April 2027, when pension savings left over when you die will be included when working out inheritance tax, although we don’t have finalised legislation yet.