When did your clients last review their beneficiary nominations? For many pension members, the answer is either years ago or never.
At InvestAcc, our SIPP and SSAS products both include a formal nomination of beneficiaries process which is usually done during setup but can be updated at anytime.
Why Nominations Matter
A beneficiary nomination, sometimes referred to as an expression of wishes, instructs the pension trustees on how the member would like their pension assets distributed on death. While trustees retain discretionary authority, they will give significant weight to a current and clearly completed nomination when determining death benefit payments.
Where no up to date nomination exists, trustees must make that determination without clear guidance. This can result in delays, uncertainty, and outcomes that may not reflect the member’s intentions, none of which is in the interests of the client or their family.
When Should Nominations Be Reviewed?
We recommend advisers prompt a nomination review following any significant life event, including:
In addition, incorporating a nomination review into your annual client review process is a straightforward step that demonstrates good practice and supports your Consumer Duty obligations around client outcomes.
The Changing IHT Landscape
From April 2027, pension assets are set to be brought within the scope of inheritance tax for the first time. This is a significant legislative change that has material implications for how pension wealth is treated on death, and it makes the accuracy of beneficiary nominations more important than ever.
While nominations alone will not mitigate an IHT liability, they remain an important tool in ensuring assets are distributed in line with the member’s wishes and that any tax considerations are factored into the broader estate planning conversation.
Updating Nominations with InvestAcc
Updating a beneficiary nomination is straightforward. All our SIPP and SSAS products have a nomination of beneficiaries form available for this purpose. If any of your clients need to make an update, or if you are unsure whether a current nomination is on file, please contact our team who will be happy to assist. For InvestAcc Platinum customers, this information can be found here.
A Small Step, But an Important One
Beneficiary nominations can sometimes fall through the gaps in an otherwise thorough review process, but the consequences of an inaccurate or outdated nomination can be significant for clients and their families. It is always worth taking a few moments to check that nominations are current, complete, and reflective of each client’s wishes.
April 29th, 2026
The Minerva SIPP can invest in a wider range of assets including commercial property and land, on an individual or group basis. Any combination of permitted investments may be made within a Minerva SIPP including deposit accounts, DFM, open market platform/wrap accounts, stockbroker accounts and trustee investment plans, all held together within the same SIPP.
SIPP Lite is a lower cost option, for those that do not require multiple investment accounts, or access to commercial property and land at outset. SIPP Lite members are restricted to a maximum of one investment account, to run alongside the default SIPP bank account. This investment account could be another bank account or ONE of the following: stockbroker account, DFM, open market platform/wrap account or a trustee investment plan. For individuals that require additional investments at a later date, including commercial property and land, they can upgrade their SIPP Lite plan to a Minerva SIPP.
A Small Self-Administered Scheme (SSAS) is a type of UK registered pension scheme. Each SSAS is governed by its own trust deed and rules and is a separate legal entity to the sponsoring employer. The sponsoring employer establishes the SSAS and invites members to join. Any individual employed by the sponsoring employer (or a participating employer) may join the scheme and all members are appointed as trustees alongside the professional trustee. SSAS trustees have a very wide range of investment options, including the ability to make secured loans to the sponsoring employer of up to 50% of the net asset value of the scheme, subject to certain conditions.
We have been operating in these markets for over 20 years. The SSAS business was formed in 1997, and in 2003 we launched our flagship product, the Minerva SIPP. The range is completed by SIPP Lite, which has been available since July 2012.
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