It's not everyone's favourite topic, but it's important to know where your savings, and in this case your pension, go when you pass away.

What happens to your pension savings depends on a few things, but let’s assume that you are under the age of 75, haven’t taken any of your pension out yet, and have a Defined Contribution pension (this is the type of pension Penny is and it's the most common type of workplace pension).

In this scenario, your pension payments after death can be taken by your beneficiaries tax-free (if claimed within 2 years).

Your beneficiaries get it. All of it.

This could be your spouse, kids, family etc… or someone else that you’ve stated as your beneficiary. You can nominate a beneficiary for your Penny Pension in the app via the Settings page.
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