Is your Expression of Wish form up to date?

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 anything happens to you while you’re a member of the Citi plan, your loved ones are entitled to:

  1. The total value of your pension account, usually provided in the form of a lump sum.

In the event of your death, the Trustees will use their discretion to decide who receives this benefit. If you’ve nominated beneficiaries, your wishes will be taken into account. Under current law, no Inheritance Tax is payable on the benefits your beneficiaries would receive.

Have a look at the Handbook for more information, and to find out how you can nominate your beneficiaries if you haven’t done so already.

 

Our video takes a look at what this could mean:

Who can you nominate?

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.

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