Nominate a beneficiary
Please read this section before completing this form.
- If you need any help completing this form you should speak to your financial adviser.
- If you die before taking all your retirement benefits under your plan, the value of your plan will be paid out in accordance with either the rules of The Royal London Personal Pension Scheme (No2), or The Royal London Stakeholder Pension Scheme (No2).
- You can complete this form if you have a pension plan with us that is held under either of the two pension schemes mentioned above. If you have a Retirement Annuity Contract (RAC) this is not held under either of these two pension schemes and you should discuss your options with your financial adviser.
- If you’ve previously contracted out of the State Second Pension and you’ve built up contracted out pension benefits under your plan, we’ll treat these benefits the same as any non-contracted out pension benefits.
You can either complete the form online or if you prefer you can print a version of this form and post it to us. Nomination of beneficiary form (PDF 53KB)
Nomination of beneficiary
Your pension is a valuable asset, so it's important that you regularly review who you've nominated to receive the benefits from your plan in the event of your death. Especially if your circumstances change. When you complete this form, you need to ensure that you tell us the names of everyone who you want us to consider as a beneficiary.
|Option 1 - At our discretion||Option 2 - At your direction|
|How would the money be paid in the event of my death?||While we'd look to follow your exact wishes, we'd have the option to adjust who receives the money on your death if we felt it was appropriate to do so. For example, if your personal circumstances had changed since you last updated your death benefit nomination.||We're legally obliged to follow your exact wishes, even if your circumstances have changed at the time of your death.|
|Can my spouse choose to give the money to our children rather than take the savings themselves?||Yes, but we can only offer beneficiary drawdown as an option to people who are either dependants of yours or who you have named on the form below. So if your children aren't dependant on you, you'll have to name them below. You don't need to give them a proportion, but naming them allows them to have more flexibility when they come to taking your pension savings.||No.|
|Would the money normally be subject to inheritance tax?||No.||Yes.|
|Can I change who I've nominated to receive the money if I die?||Yes, at any time.||Yes, at any time.|
|Can I change how I'd like the money paid if I die?||No - you can't change to Option 2.||Yes - you can change to Option 1 at any time.|
Paying benefits on death
When we’re notified of your death, we’ll explain to your beneficiaries the different ways in which the benefits can be paid to them.
If you have a Pension Portfolio plan, including an Income Release or Self Investment pension plan, or a Retirement Solutions Group Personal Pension or Group Stakeholder Pension plan with Royal London, and you want us to consider giving one or more of your nominated beneficiaries the option of using the amount available for beneficiary flexi-access drawdown, it’s important that you tell us this when completing the table below. You should speak to your financial adviser to find out more information about why you may want to consider this option.
Remember that when you’re choosing your nominations, you can only choose who you want your benefits to be paid to on your death - you can’t choose who any remaining benefits may be paid to when those beneficiaries subsequently die.