Do you secretly love pensions and everything about them?
Find lots more information at Geeks Corner.
Don't let out-of-date paperwork risk family members missing out
Your IMI pensions aren’t just about saving for your future, the value of your pension pot will be paid to your loved ones, to help with their future, if the worst happens.
However, in the event of death, the value of your pension won’t automatically go to your spouse, partner or relative; unless you explicitly name the individual, or individuals, as your preferred, or nominated, ‘beneficiary’.
Nominating a beneficiary gives guidance to the Trustees about how you want your benefits shared. In most situations the Trustees will follow your explicit instructions, but it is important to think carefully before you complete your nomination form.
If you don’t name anyone it will be up to the discretion of the Mercer Master Trust trustees as to whom the value of your pot is paid. Where nominations aren’t made it can create further administration and anxiety for those you leave behind and can delay significantly the process of payment.
Don’t leave things to chance!
Follow the steps below to make sure your loved ones are looked after.
You must have activated your Mercer Money account in order to complete the process so if you haven’t done so already, activate your account now.
Steps:
- Login to your Mercer Money account. If you haven’t activated your Mercer Money account, activate it here.
- Scroll to the 'My Employee Pension' section on your homepage and select 'Access my pension'.
- From the options select 'My beneficiaries' and you'll be taken directly to your pension account to make your nomination.
Once you’ve done it, you’ll only need to revisit this in the event that you want to change your nomination. And you’ll have taken a significant step forward to taking control of your retirement planning.