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People also ask
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What is the expression of wish on the SIPP?
Expression of wishes guide. You can pass a defined contribution pension to whoever you wish when you die. To ensure your pension provider knows who you'd like it be paid to, it's important you complete an expression of wishes form.
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What is a wish form?
By completing an Expression of Wish form, you can choose who you would prefer the money to go to and in what proportions. It also allows us to pay the money as one-off lump sums or as regular pension withdrawals, whichever suits the beneficiaries and their tax position better in the future.
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What is the expression of wish form for life insurance?
Use this form to let the Trustee know who you would like to receive the lump sum benefit payable on your death in service. This form is not binding on the Trustee, but your wishes can be taken into consideration when making the decision.
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How do you write an expression of wishes?
What should my letter of wishes include? Information about how you'd like your money, assets and personal possessions to be allocated when you're no longer around. Details about who should be informed of your death, and if anyone in particular should not be informed.
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Is expression of wish better than nomination?
If so, the nomination form will be paid to the stated beneficiary but will form part of your estate for Inheritance Tax. The expression of wish means it's at their discretion who it's paid to, they will use your wishes as a guide but aren't bound to them, so it doesn't form part of your estate for Inheritance Tax.
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Where do I get an expression of wish form?
You can update your expression of wish any time by contacting your pension provider. If you have an online account, many providers will also have the form online. Any new form you complete will take priority over older ones.
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Is expression of wish better than nomination?
If so, the nomination form will be paid to the stated beneficiary but will form part of your estate for Inheritance Tax. The expression of wish means it's at their discretion who it's paid to, they will use your wishes as a guide but aren't bound to them, so it doesn't form part of your estate for Inheritance Tax.
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What happens if you don't have an expression of wish?
Why is an Expression of Wish form important? In the absence of an Expression of Wish form, the administrator will make every effort to decide who the benefits should be paid to following the death of a member by investigating potential beneficiaries. However, this may not match the member's intentions.
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