Neil MacGillivray: Pension death benefits and the cost of control

One of my pet hates at the moment is when someone refers to an expression of wish as a ‘pension will'. Such a title, in my opinion, is misleading and gives the impression an expression of wish can achieve far more than is actually possible. A will specifies where and to whom your assets are to pass to on your death. The terms of a will can create trusts to control who receives what benefits and when. An expression of wish, on the other hand, merely provides guidance to pension scheme administrators/trustees as to who to consider as recipients of the death benefits. Once the scheme adm...