What happens to your savings if you die?

Saving with us

Remember to complete your Expression of Wish

We don’t like to think about it, but it’s important to know your loved ones will be looked after. If you die while you’re still paying into your pension account (and are under 75), your dependants could receive: 

  • A lump sum.
  • A pension.

There is no inheritance tax to be paid on any lump sum on your death because it’s paid under ‘discretionary trust’. A discretionary trust means that your wishes will be considered but discretion can be used and your wishes may not be followed (for example if they are out of date and your circumstances have changed).

Paying death benefits in this way also means that the payments can be made more quickly.

No one likes to think or talk about death, but it’s really important you complete an Expression of Wish which allows you to state who you would like to nominate to receive your pension benefits in the event of your death.

If you’ve already completed an Expression of Wish, it’s also really important that you check that the details are up to date to reflect your current circumstances.

To access your Expression of Wish, click on the ‘Login’ button on the top right of the screen.

Read our guide for what to expect if a member of the SEI Master Trust dies.

Read our FAQs document for more information on the processes around the decision and payment of discretionary trust death benefits.