What happens to my Ready-made pension if I die?
Answer
If you die, your Ready-made pension can be passed on to your beneficiaries. You can nominate several different people, trusts, and/or charities, and choose the percentage they’ll each receive.
You can update your beneficiaries easily within your account.
As the scheme administrator of your Ready-made pension, AJ Bell has discretion over how your pension is passed on. However, it's rare that nominations aren't followed. Usually, this only happens if there's been a change of circumstances (for instance, a divorce) and your wishes haven't been updated.
Payments to your beneficiaries will either be made as a lump sum or as an ongoing pension. How these payments are taxed will depend on your circumstances.