New research conducted by Opinium on behalf of pensions experts, Hargreaves Lansdown, found that only 38 per cent of people have kept expression of wish forms for all their pensions up to date. Over a quarter (26%) said they had not, 13 per cent were unsure and worryingly, some 24 per cent of the 2,000 people surveyed in September said they didn’t know what an expression of wish form was.
Expression of wish forms allow you to name who receives your pension death benefits when you die. If you don’t update them when your personal circumstances change, you risk your death benefits going to someone you no longer wish to get them - such as an ex-partner, warns pension expert, Helen Morrissey.
The senior pensions and retirement analyst at Hargreaves Lansdown, explains: “Updating expression of wish forms is easy to put off but doing so risks causing real problems for your loved ones in the event of your death. Not updating these forms when your personal circumstances change means your pensions risk being paid out to someone you don’t intend."
