One key benefit of a SIPP is that you can add beneficiaries, allowing you to decide who will receive the benefits from your pension in the event of your passing. A beneficiary is an individual or group of individuals you nominate to receive the funds in your SIPP if you pass away before using up your pension pot. Nominating beneficiaries is an important step to ensure your loved ones are supported and your wishes are honored.
How to add beneficiaries:
If you haven’t opened a Pension (SIPP) account with Plum, you can add your beneficiaries during your onboarding in the SIPP product.
If you already have an active Pension (SIPP) with us, you need to contact our agents and let them know about the fact that you want to add beneficiaries.
In both cases, please have ready the following details beforehand:
The full name of the person you want to add as your beneficiary.
The relation you have with them.
The percentage of the total Pension (SIPP) you want to assign to them, especially if they are more than one.
If you don’t nominate a beneficiary, the decision on who receives your SIPP benefits falls to the pension provider or trustee. They will generally attempt to distribute the funds based on your family situation, but it’s not guaranteed to align with your wishes.