A beneficiary is someone who will receive your pension if you die. Here's how to add one.
Why add a beneficiary?
Nominating a beneficiary ensures your pension goes to the people you want if something happens to you. Without a nomination, the scheme administrator will decide who receives your pension, which may not match your wishes and could cause delays.
How to add a beneficiary
Go to My Account
Tap Manage Beneficiaries
Tap Add Beneficiary
Enter their name, address, and relationship to you
Set the percentage they should receive (e.g., 100% for one person, or split between multiple people)
Confirm and save
Adding multiple beneficiaries
You can nominate more than one beneficiary. Simply add each person and set the percentage each should receive. The percentages must add up to 100%.
For example, you might nominate your partner to receive 50% and two children to receive 25% each.
Updating or removing beneficiaries
You can update your beneficiary nominations at any time. Go to My Account → Manage Beneficiaries, and you can edit details, change percentages, or remove a beneficiary.
Expression of wish
Your beneficiary nomination is an 'expression of wish' – it tells the scheme administrator who you'd like to receive your pension. In most cases, this will be followed. However, the final decision rests with the scheme administrator, which can have benefits for inheritance tax purposes.
Keep it updated
Remember to review your beneficiaries if your circumstances change – for example, after marriage, divorce, or the birth of a child.
Still need help?
If you have questions about beneficiaries, contact us at hello@joinchest.com.