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IPSA - MPS' Staff Pension Scheme


What happens if you die after taking your money


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.

It’s a sensitive subject, but you can never be too prepared for what life might throw at you. So it’s important to understand the options for your beneficiaries.

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 may 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:

Annuities can continue to be paid as income after you die to your spouse, registered civil partner or financial dependants. However, this is determined by the type of annuity you purchased and the options you chose at the time.

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

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


Your options for taking your money

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


Your State Pension age

Find out your State Pension age.