Do you know who will inherit your pension?

Aviva’s latest study reveals that as many as one in six (15%) UK adults with a partner, do not know who will receive their pension savings if they pass away before taking them. This worryingly rises to almost one in five (18%) of the silent generation (aged 79+). A further 3% believe the person they’ve nominated as their beneficiary may still be their ex-partner.

The majority (65%) of respondents revealed that their partner/ spouse is their named beneficiary, while one in five (20%) say they have selected a family member, and a small percentage say they are leaving their pension pot to a charity (4%) or a friend (3%).

However, one in six (15%) say they ‘do not know’ who would inherit their pension, and this number rises to one in four (25%) people who are living with a partner but are neither married nor in a civil partnership (so not registered as their next of kin).  Almost a third (30%) of 16-24 year olds also claim not to know – however this could be because they have been auto-enrolled into a workplace pension and have not given it much thought.

The inconsistency across age groups/ genders and relationship status emphasises the importance for individuals to regularly check and update their pension beneficiary information. A pension provider isn’t legally bound by the request, but they will take it into account when they’re sorting out a pension. This simple step could help make sure that retirement savings are distributed according to an individual’s wishes, avoiding potential legal complications and emotional distress for loved ones.

Jo Phillips, Managing Director of Aviva's Direct Wealth business, said, "It's not surprising that people lose track of their pensions and therefore cannot remember who their pension beneficiary is.  Some pension policies will date back decades and it’s likely that many people will have changed jobs; moved house and even been married, divorced and married again, in the intervening years.

“The money in your pension pot is one of your assets, just like your savings or your possessions, so we would encourage all our customers to review their pension nominees and make updates as needed. It’s easy to nominate a recipient. Most of the time, it can be done online without any fuss.”

Whatever the size of your pension, the money belongs to you, so it's important to make sure you've made plans for it in case something happens, and you can't benefit from that money, but you would like it to be shared with someone specific.

By keeping your pension beneficiary information up to date, you could be providing security and peace of mind for your loved ones.

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References:

_{The research was conducted by Censuswide, among a sample of 2,000 general consumers who have a partner - married, relationship, civil partnership. The data was collected between 07.02.2025-10.02.2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.}

^1. _{Silent Generation [↑]}

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