What is a nomination?
A lump sum of money could be paid to those who matter to you depending on when you die. By nominating, you can have your say in who you'd like the money to go to.
Why nominations matter
Currently, your Magnox deferred pension is considered separately to the rest of your estate when you die and isn’t covered by your will.
If a lump sum death benefit is payable under the Scheme rules, the Trustee decides who this should go to.
To help the Trustee make this decision, you can make a nomination. This will let the Trustee know who you would prefer the lump sum payment to be paid to. The Trustee does not have to follow your nomination, but it is an important piece of information that it will consider.
Making a nomination could also make the process quicker and may prevent delays in any lump sum being paid, which can have tax implications.
The lump sum is separate to any pensions that may also be paid to your dependants. You can read more about death benefits and how they are paid in your member booklet
Taking care of your loved ones
You can nominate:
- An individual or several people
- Charities or good causes
- Other organisations
Watch the short video to see why nominations are so important and how they could help you look after those you care about.
How to nominate
The easiest and quickest way to nominate is to log in to your myESPS account. It will only take a few minutes.
If you haven't got a myESPS account, you can register for one now. Check the step-by-step guide to registering and logging in below for help getting started.
Alternatively, you can download and print a nomination form. Once complete, please return it to the Scheme administrator, Railpen, using the address on the form.
You can complete a new nomination at any time and there is no limit on how many times you can update it.
Making your nominations online
Here’s a step-by-step guide on how to make, check and change your nominations online, in your myESPS account
Keeping your nominations up to date
Once you’ve made your nominations, it’s important to keep them up to date, as the person or people, you wished to benefit previously may not be the same people you’d choose today.
You can do that by following the how to nominate process outlined above.
