Adding a beneficiary

First things first – what’s a pension beneficiary?

A pension beneficiary is the person (or people) who’d get your pension savings if you died before accessing them. It’s how you make sure the money you’ve built up goes to someone you care about.

You can name anyone you like, a partner, a child, a friend, even a charity. And you can split it however you want. For example, 50% to your partner and 25% each to two children.

Why it’s important

Adding a beneficiary makes sure your wishes are known. It can help avoid delays, reduce stress for loved ones, and make sure your pension pot goes where you want it to. 

Without a named beneficiary, your pension provider might decide who gets your savings. That could lead to delays or your money going to someone you didn’t intend.

Adding a beneficiary puts you in control. It’s a small step that makes a big difference.

It’s quick to do, and you can change it anytime.

How to add a beneficiary

Want to add or update your pension beneficiary? Just give Smart Pension a call. They’re our pension partner and will help you get it sorted.

Here’s what to do:

• Call Smart Pension on 0333 666 2626.

• Have your National Insurance number ready. You’ll also need a few personal details and they’ll ask some quick security questions before they can make any changes.

• Let them know you want to add or change your pension beneficiary.

• They’ll walk you through it step by step.

It usually only takes a few minutes, and you can update your beneficiary details anytime.

Can I change my beneficiary later?

Yes. Life changes, and so can your choices. You can update your beneficiary anytime - just give Smart a call.

Not sure who to list? Book a session with a Thrive financial coach in the app. They’ll help you think it through. 

And if you need a hand along the way, our Thrive Customer Support team is here to help.