Neil MacGillivray: Pension death benefits and the cost of control

Don’t say ‘pension will’

clock • 3 min read

The desire to control who benefits and when from their pension after their death is not uncommon for many individuals but, warns Neil MacGillivray, an expression of wish provides nothing more than guidance

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...

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