King Charles III will be crowned successor to the throne on Saturday 6 May, but have you thought about what your own ‘successors’ might get in the event of your death? A nomination could make a difference.

Why make a nomination?

A valuable benefit of your Scheme membership is that a lump sum might be paid if you die before taking your pension. This is usually tax-free.

You can tell us who you want the money to go to by making a nomination. The Trustee considers your nominations when deciding who to make any payments to.

If you don’t make a nomination, the Trustee may not know where to pay the money. This could mean the payment is delayed, and even taxed as a result.

It’s a difficult time when you lose someone, without adding financial stress and disagreements between friends and family. So it’s a good idea to make a nomination to help prevent unnecessary worry.

Who can I nominate?

You can nominate:

• An individual, or several people, such as family and friends
• Organisations or good causes
• Charities

You can nominate as many people as you want to.

Your nominations are confidential, so the people or organisations you’ve listed won’t know if you’ve added or removed them as a beneficiary.

Make sure to keep your nominations up to date so they still reflect your wishes, particularly if your circumstances change. You could make a note in your diary to review your nominations every year or so.

How do I make a nomination?

The quickest way to make a nomination is to log into your online account.

You can also can print off the online form and complete it.

Is a nomination the same as a will?

A nomination is not the same as a will. Your nominations show where you’d like a lump sum from your pension to go if you die before you claim it, and this cannot be covered in your will.

Many people think everything they own will be given out according to their will when they die. It’s important to remember that if you die, your pension is separate to the rest of your estate.