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Nominating a beneficiary
Nominating a beneficiary
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.