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An Expression of Wish form is a request to the Trustees or administrator, setting out who you'd like to receive any death benefits payable when you die. Those that you nominate are known as beneficiaries.
It's not binding on the Trustee or Plan administrator, but they will take your wishes into consideration when making their decision.
If you die while you are a Citi employee two benefits are payable:
If you die having left employment with Citi but before you start accessing your Plan pension, the total value of your pension account will be used to provide benefits to your beneficiaries. Normally this will be as a lump sum.
The benefits payable will depend on how you have chosen to take your benefits.
Remember: You should tell the Trustee who you wish to receive the benefits by nominating your beneficiaries on MyCitiPension. You can change your nomination at any time. However, the Trustees use their discretion to decide who receives the lump sums. Because of this, under current law, no Inheritance Tax is payable.
Because the Trustees use their discretion to decide who receives any lump sums payable in the event of your death - under current law, no Inheritance Tax is payable. Most lump sums paid to your loved ones are tax-free if you die before age 75. There are some circumstances where tax may be payable.
Visit HMRC’s website to read more about the tax payable on private pensions your loved ones receive.
You can nominate any person(s) and they don’t even have to be a relative or dependant. For example, you can nominate a friend, charity or club. Or if you prefer, you can say that you would like the lump sum to be paid to your Estate.
Plus if you set up a trust for anyone’s benefit, you may indicate that payment should be made to the trust.
You can nominate more than one person if you want to.
If your spouse/civil partner/child or financial dependant is due to receive a lump sum payment following your death, they may, at the discretion of the Trustee, opt to have all or part of it used to secure a pension rather than being paid as a lump sum.
If you haven’t yet completed this quick online form, now’s a good time to do it. Remember to make sure you update it as your circumstances change. Once in MyCitiPension, go to the My Beneficiaries tab and update your beneficiaries on the form.
Keeping an eye on things and making small changes regularly can help keep things on track.
Find out moreDid you know you can transfer other savings into your Citi Plan?
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