In both cases, the written instructions must match the client’s current situation and preferences. Should the client have remarried, his/her family become more numerous or the value/composition of their estate changed dramatically, the instructions may no longer be accurate. It is therefore prudent to ensure that instructions are reviewed at regular intervals to ensure both the estate and pension are managed properly.
The new intestacy rules reinforce why it is important to ensure individuals make proper plans regarding the management of their estates, and pensions are now an increasingly important element of an individual’s wealth.
Paul Evans is pension technical manager at Suffolk Life
Key points
* It is estimated that more than 59 per cent of the adult population do not have a will
* For pensions, succession is usually managed by nominating beneficiaries through completing an expression of wish form
* The greater freedom in how pension benefits can be passed on to beneficiaries from April 2015 has created new opportunities to use a pension
