This week for Finance Friday I am going to look at Expression of Wish; as it’s fresh in my mind coming from a Financial Wellbeing session yesterday.
An Expression of Wish provides guidance to pension scheme administrators/trustees as to who to consider as recipients of the death benefits. It is basically you putting forward your request for the recipient of any applicable pension benefits, should you not be around to receive them. I don’t intend to be morbid, but these are the facts of life and we need to plan for them.
If you have a pension scheme, you will likely recall completing an Expression of Wish form when you enrolled in the scheme. But life has a habit of evolving and our circumstances change. Maybe you were single, but are now married. Maybe you were married but they are now no longer part of your life. Or maybe you’ve simply changed your mind on who should benefit!
If you have your pension through your Employer, it’s likely that they will have an Expression of Wish form available – ask through your HR or Payroll department. Alternatively, you can contact your pension provider directly and ask for their Expression of Wish form.
Is this something you have thought about? Do you think you may need to change your recipient?