Over seven in 10 (72%) UK adults have never completed an expression of wish form, new research from Canada Life has indicated.
An expression of wish form nominates beneficiaries in the event of the passing of the customer who has the pension benefits.
Canada Life’s findings, based on a sample of 2,000 UK adults, revealed that the figure for those have not completed one of these forms is similar (71%) among adults aged 55 and over.
An up-to-date expression of wish form is held by the pension company, and in the event the customer dies, will help distribute the pension quickly and efficiently with the views on the form taken into account.
The absence of an expression of wish form could result in delays to any beneficiaries receiving the pension, or the potential for unintended beneficiaries receiving the pension.
“A huge number of UK workers have been auto-enrolled into pensions over the past few years so it’s both surprising and concerning more people either haven’t completed a pension will or perhaps can’t remember,” commented Canada Life technical director, Andrew Tully.
“Having an up-to-date form lodged with your pension company makes sure the company knows who you would like to benefit should you die. The expression of wish provides a valuable piece of evidence when the trustees are trying to establish the right beneficiaries to receive the money.”
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