Stand-out Q- nomination part 2…
Our Technical Hub provides access to a wide range of pension tax and trust technical resources. Every now and then we post tweets covering stand out questions from our technical content and our answers in case others might also find them helpful. As Twitter’s character restrictions only allow for the bare bones of the Q&A we link to the details here, too.
Can a nomination made by the member take effect on the death of a dependant/nominee?
A member may nominate a dependant or nominee to benefit from the pension fund remaining on their death. The member is not able to nominate a successor in respect of the pension funds remaining on the death of the dependant/nominee. However, legislation does not require that funds remaining on the death of the dependant/nominee be used exclusively for a successor. There appears to be scope within the legislation to allow the member to influence the distribution of any remaining pension fund on the death of a nominee. The extend of their influence will be dependent on the scheme rules and the scheme administrator.
A Tech Talk on nominations can be found here
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