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What happens if you die after retiring

Once you've started to take your savings, what your loved ones may receive if you die depends on the option you chose at the point you accessed your money and the exact options available will be determined by the terms of your plan.

If you've chosen to take your pension pot as cash:
If you've taken your entire pension pot as cash, then all your benefits will have been paid from the scheme already. Your loved ones won't receive anything more from the plan.

If you've only taken some cash, any money you have left in your pension pot may be paid to your chosen beneficiary. They may have options as to how they are able to take the money, depending on the terms of the plan.

If you've chosen a flexible retirement income:
Your chosen beneficiary would be entitled to the savings left in your pension pot. They may have options as to how they are able to take the money, depending on the terms of the plan.

If you've chosen to buy an annuity:
It depends entirely on the options you choose when you buy the annuity. Annuities can be paid as income after you die to your chosen beneficiary. However, this is determined by the type of annuity you've purchased.

A key part of your retirement planning should be to make sure we have an up-to-date Nomination of beneficiary form . This will make it clear who you'd like the remainder of your savings to go to if you haven't yet taken your money or have chosen to take your pension in a series of cash lump sums or a flexible income.

Please note that in some cases tax may be payable.

Nomination of beneficiary form

Complete the online form to let us know who your pension savings should be paid to in the event of your death.

Your options from age 55

You have the flexibility to decide when and how to use your savings.

Your state pension

Find out more about the state pension, where you can go for more information and how much you might get when you reach your state pension age.

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