Why reviewing your expression of wishes matters
Many people assume that once they have made a Will, every aspect of their estate planning is taken care of. While a professionally drafted Will is one of the most important legal documents you can have, it does not always determine who will receive every asset you own. Your pension is a good example. In many cases, pension death benefits do not automatically form part of your estate. If you have nominated a beneficiary, the benefits may be paid directly to that person and are instead dealt with under the rules of the pension scheme. The scheme provider or trustees will usually take your nominated beneficiaries into consideration when deciding who should receive any benefits payable on your death, although the final decision will depend on the terms and rules of the scheme.
For this reason, it is important to regularly review your pension beneficiary nomination (sometimes known as an expression of wish) alongside your Will. An outdated nomination may mean that your pension benefits are not directed to the people you intend to benefit, particularly if your personal circumstances have changed.
Shirin Hussain, an Assistant Solicitor in the NBB Waldrons Wills & Probate Team, advises clients on Wills, estate administration and wider succession planning. Based across NBB Waldrons’ offices in Dudley, Kingswinford, Merry Hill, Worcester, Walsall, Harborne, Cheltenham and London, Shirin helps individuals and families ensure that every aspect of their estate planning works together. You can find out more about Shirin Hussain and the support available from our Wills & Probate team.
One area that is regularly overlooked is the Expression of Wishes, sometimes referred to as a beneficiary nomination. It is often completed when someone joins a workplace pension and may then be forgotten about, despite its potential importance in guiding the pension provider or trustees when deciding who should receive any benefits payable following their death.
Millions of pension pots have already been forgotten
Research published by the Pensions Policy Institute (PPI) in 2024 highlights the scale of the challenge. Its latest Lost Pensions report estimates that there are approximately 3.3 million lost pension pots across the UK, worth a combined £31.1 billion. The average lost pension is valued at around £9,470, increasing to £13,620 for those aged between 55 and 75. The total value of lost pensions has increased by around 60 per cent since 2018, demonstrating how easily pension savings can be forgotten as people change jobs and providers.
Recognising the growing problem, the PPI has expanded its Lost Pensions Survey 2026 to include Defined Benefit pension schemes for the first time, helping build a more complete picture of retirement savings that have become disconnected from their owners.
However, locating your pension is only part of the picture. Knowing who would receive it if you died is just as important.
Research published by Aviva in May 2025 found that one in six people with a partner do not know who would inherit their pension savings if they died before accessing them. Among the Silent Generation, the figure rises to almost one in five. The research also revealed that three per cent of respondents believe an ex-partner may still be named as their pension beneficiary.
These findings illustrate how beneficiary nominations can become outdated over time. Marriage, divorce, civil partnerships, children, grandchildren and new relationships all change family circumstances, yet many people never review the forms they completed years earlier.
What is an expression of wishes?
An Expression of Wishes is a form completed with your pension provider to tell the scheme who you would like to receive any pension death benefits.
Although many people assume this is covered by their Will, that is not usually the case.
For most workplace and personal pensions, the scheme trustees or administrators have discretion over who receives the benefits. Your Expression of Wishes is not generally legally binding, but it is an important indication of your intentions and will usually be taken into account when a decision is made.
Keeping this document up to date gives the trustees a clear understanding of your current wishes and can help avoid unnecessary uncertainty for your loved ones.
At present, defined contribution pension benefits will not generally form part of your estate for inheritance tax purposes if you have nominated a beneficiary. This is because pension benefits are usually held under a discretionary trust and are distributed by the pension scheme trustees in accordance with the scheme rules, taking your nomination into account, rather than under the terms of your Will.
Please note that this position is due to change from 6th April 2027. Under the proposed changes, most unused defined contribution pension funds and certain pension death benefits will generally be included within a person’s estate for inheritance tax purposes.
Why doesn’t my will cover my pension?
One of the most common misconceptions my Wills Team colleagues encounter is that a Will automatically determines who inherits every asset.
In reality, pension death benefits are often dealt with separately from your estate. Rather than following the terms of your Will, they are usually considered by the pension trustees alongside the Expression of Wishes you have provided.
Imagine you updated your Will following a divorce to leave your estate equally between your children, but your pension nomination still names your former spouse. Depending on the scheme rules and the trustees’ discretion, this inconsistency could create uncertainty and delay at an already difficult time.
For this reason, your Will and your pension nomination should always be reviewed together. Estate planning works most effectively when every document reflects your current circumstances and your wishes are consistent throughout.
Reviewing your pension could take just a few minutes
Life rarely stands still. Relationships change, families grow and financial circumstances evolve. Yet pension beneficiary nominations are often completed once and forgotten.
Reviewing your Expression of Wishes whenever you experience a significant life event, such as marriage, divorce, entering a civil partnership, having children or making a new Will, can help ensure your pension reflects your current intentions.
Shirin explains: “Many clients are surprised to discover that their pension doesn’t automatically follow the terms of their Will. Taking a few minutes to review your Expression of Wishes can provide valuable clarity and help ensure the people you intend to benefit are properly considered.”
How NBB Waldrons can help
Reviewing your pension beneficiary nomination should form part of your wider estate planning. Whether you are making your first Will, updating an existing one or simply want to ensure your affairs remain up to date, taking professional advice can provide reassurance that your wishes are properly reflected.
The experienced Wills & Probate team at NBB Waldrons advises clients from our offices in Merry Hill, Kingswinford, Dudley, Worcester, Walsall, Harborne near Birmingham, Cheltenham and London, on Wills, estate planning, Lasting Powers of Attorney and succession planning. If you would like to review your Will or discuss your pension arrangements, Shirin or a member of the team will be pleased to help.
