When you take out a pension plan, you will be asked who should receive your pension benefits in the event of your death.
A pension nomination form allows anyone in a pension scheme to stipulate who they want to inherit their pension on their death; it’s often referred to as a ‘pension will’. If it isn’t completed, or you don’t update it if your personal circumstances change, there’s a risk your pension could be paid to the wrong person, for example an ex-partner.
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. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.