It’s never nice to think about what might happen to your finances after you die, but while everyone should hope for the best, planning for the worst can provide peace of mind and ensure your loved ones are taken care of. 

Having a will, for example, is important for everyone, regardless of age, assets or whether you have dependents. This is a legal document that states how you want your money, property and any other assets to be divided.

But you may not realise that pension savings cannot be left in a will. You can, however, leave instructions stating what you would like to happen to your pensions when you die. You can do this by completing an ‘expression of wish’ form.

What is an expression of wish form and why do I need one?

When you sign up to a workplace or private pension, you will usually be asked to complete an expression of wish (or ‘nomination’) form by your provider. While not mandatory, it is highly recommended, and your provider should take your wishes into account when deciding who to pay your pension savings to when you pass away.

The primary reason for doing this is to ensure that your hard-earned money goes to the people you care about, such as your spouse, children or other family members. Some providers may also allow you to leave a portion of your pension to a trust or charity, although we do not allow such nominations at Vanguard.

Documenting your wishes can provide peace of mind and give your loved ones a sense of comfort, knowing they are doing what you wanted. It will also ensure your beneficiaries have the widest possible options for receiving the pension money (more on this below). 

How do I complete an expression of wish?

Each pension provider will have its own expression of wish form, which will require your personal details, as well as the names, contact details and relationships of your chosen beneficiaries.

Who you can nominate depends on what kind of pension you have. For defined contribution (DC) pensions, where you build up a pot of money for your retirement, you can nominate anyone. DC pensions include self-invested personal pensions (SIPPs), which we offer at Vanguard.

Once you have chosen your beneficiaries, you must also specify the percentage of savings you’d like each person to receive. This can be a different figure for each of your beneficiaries, but the total must add up to 100%. You can have a different expression of wish with each pension that you hold and the beneficiaries and allocation breakdown you select can vary across all of them.

Some forms may also have a free text area, where you can stipulate other wishes, such as what to do if your beneficiaries aren’t around or cannot be found. But it is important to keep your wording as simple as possible to avoid misinterpretation.

Do I only need to fill in the form once?

It’s really important to keep your expression of wish form up to date, as and when your circumstances change. Regulations may also change which could impact your beneficiaries’ tax position. For example, the government is currently consulting on making unused pension savings subject to inheritance tax (IHT) from April 2027, which may influence how you want to pass on your assets. 

Think of your expression of wish form as a living document that should be reviewed regularly. You can update it at any time and as often as you like. Your latest submission will override any previous forms. 

What happens if I don’t have one?

Without an expression of wish form, your pension provider will have to decide who your beneficiaries are. This might not align with your wishes and result in your pension money going to someone you didn’t intend it to. For your loved ones, this can lead to confusion and uncertainty, making an already tough time even harder.

In some circumstances, not having an expression of wish form may limit the ways your beneficiaries can inherit your pension savings. For example, if you have dependents, any non-dependents will not be able to receive pension benefits via flexible income drawdown unless they are explicitly named on the form. Instead, they will inherit a lump sum, which can have additional tax implications. 

Similarly, if you had an expression of wish form but forgot to update it, for example if you remarried, you could risk your pension going to someone you didn’t intend. This can cause extra emotional stress for your family.

If you think you may have any lost pensions with outdated expression of wish forms, you can use the government’s free pension tracing service to find the contact details for workplace or personal pensions. Recovering your lost pensions could also provide a significant boost to your retirement savings.

Will my pension definitely go to my beneficiaries?

An expression of wish form isn’t legally binding, but your pension provider should consider your wishes. However, the decision remains at their discretion and there may be some circumstances where your wishes are not followed.

If it isn’t possible to pay your savings to those you have nominated, for example if they die before you, your provider may assess your circumstances and choose different beneficiaries.

It may be useful to tell your beneficiaries that you have nominated them or at least inform your closest beneficiary (for example your partner). While your wishes will be officially recorded with your pension provider, you may also want to print a copy of your completed form and keep it with your will and other important papers.

An expression of wish for your pension is a valuable tool that can make a big difference. It can provide clarity, reduce stress and ensure that your pension money goes to the people you care about, so that you can look after them even after you’re gone.

How do I submit an expression of wish with Vanguard?

To complete or update your expression of wish for your Vanguard Personal Pension, follow these simple steps:

While you cannot nominate a beneficiary for your Vanguard Stocks and Shares ISA, General Account or Junior ISA from within your online account, you can name your beneficiaries of your Vanguard accounts in your will.

It's important to appoint executors in your will and record who you would like your Vanguard accounts to be left to. That will make the process easier for your loved ones when you die.

Investment risk information

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

The eligibility to invest in either ISA or Junior ISA depends on individual circumstances and all tax rules may change in future.

Eligibility to invest in a Vanguard Personal Pension depends on your individual circumstances. Please be aware that pension and tax rules may change in the future and the value of investments can go down as well as up, so you might get back less than you invested. You cannot usually access your pension savings or make any withdrawals until the age of 55, rising to the age of 57 in 2028.

If you are not sure of the suitability or appropriateness of any investment, product or service you should consult an authorised financial adviser. Please note this may incur a charge.

Any tax reliefs referred to are those available under current legislation, which may change, and their availability and value will depend on your individual circumstances. If you have questions relating to your specific tax situation, please contact your tax adviser.

Important information

Vanguard only gives information on products and services and does not give investment advice based on individual circumstances. If you have any questions related to your investment decision or the suitability or appropriateness for you of the product[s] described, please contact your financial adviser.

This is designed for use by, and is directed only at persons resident in the UK.

The information contained herein is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information does not constitute legal, tax, or investment advice. You must not, therefore, rely on it when making any investment decisions.

Issued by Vanguard Asset Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority.

© 2025 Vanguard Asset Management Limited. All rights reserved.

4347332