Speak to a Saltus expert...
Please fill in your details to arrange a financial review with one of our financial planning or investment experts.
How it works:
- We will call you back to find out more about your aims and requirements
- We will arrange a meeting with one of our team at a convenient time, either over the phone, on video, at your home or workplace, or at one of our offices
- You will be able to ask any questions you have and find out more about managing your wealth with Saltus
- Your review will be at our cost and there is no obligation to work with us afterwards
Who we work with:
- Individuals with £250,000 or more in investable assets. This includes pensions, ISAs, other tax-wrappers and cash available for investment.
Imagine that you re-married and were unfortunate enough to die earlier than expected… This isn’t a pleasant thought, but it could get worse – your ex-wife or husband may also be entitled to your pension proceeds!
Yes, this is fairly unbelievable, but it could happen if you hadn’t updated your expression of wish form with your new partner’s details.
What is an expression of wish form?
It’s simply a formal request to the trustees or administrator of your pension scheme, setting out who you’d like to receive your pension benefits on death. It isn’t a legally binding document but it’s rare to hear of cases where the trustees have refused to carry out the wishes as intended.
How can an expression of wish form impact me?
In my divorce scenario above, you could hope that the trustees would act with common sense and consider the change of circumstance. A more common example is where someone marries for a second time but has nominated their children from their first marriage. Now, it may be the case that this is still the individual’s wish. However, this could be open to considerable legal challenge if the ‘expression of wish’ pre-dated their second marriage. Not only could it cause a huge delay in your loved ones receiving any money but it has the potential to lead to a major family fallout.
It’s also important to highlight that there’s no limit to the number of beneficiaries you can name if you want more than one person to inherit. Although, you should be careful not to overcomplicate things, particularly if you haven’t received any advice. All too often, I have seen overly complex expression of wishes having unwanted tax implications.
Meet your financial needs and objectives…Speak to an expert
Talking about tax: since 2015, a change in the rules on flexible death benefits has meant that, if the deceased was over 75, a beneficiary can choose whether to take the inherited pension proceeds as a lump sum or as a regular income. Both of these options, however, are taxed at their marginal rate, so there could be a whopping amount of tax to pay if the wrong choice is made.
If you fail to keep your expression of wish form updated and it’s clear that it is outdated, the trustees may have to use their discretion to change who they pay the money to. This has the potential to reduce the beneficiaries options with some providers only allowing lump-sum payments under these circumstances. This could have unnecessary tax implications and make an already difficult situation even more challenging.
The expression of wish form may seem like just a piece of boring paperwork that you receive when you start a new job or change pension provider, but it’s vital for ensuring the wrong person doesn’t inherit your money, or that the right person isn’t hit with unnecessary taxes. You can update it whenever you like – either ask your pension administrator directly or your HR team to provide the relevant form.
Just ensure you keep on top of your expression of wish form to avoid an inheritance blunder…
All authors have considerable industry expertise and specific knowledge on any given topic. All pieces are reviewed by an additional qualified financial specialist to ensure objectivity and accuracy to the best of our ability. All reviewer’s qualifications are from leading industry bodies. Where possible we use primary sources to support our work. These can include white papers, government sources and data, original reports and interviews or articles from other industry experts. We also reference research from other reputable financial planning and investment management firms where appropriate.
Saltus Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Information is correct to the best of our understanding as at the date of publication. Nothing within this content is intended as, or can be relied upon, as financial advice. Capital is at risk. You may get back less than you invested. Tax rules may change and the value of tax reliefs depends on your individual circumstances.
Find out more about our award-winning wealth management services…
Financial Advisory Firm of the Year
Client Relationships Award
Financial Services, Banking and Insurance Firm of the Year
Investment Performance Cautious Portfolios
Best Medium Firm
Investment Performance: Cautious Portfolios
Investment Performance: Balanced Portfolios
Financial Planning Firm of the Year: Small to Medium Firm
Financial planning can help you reach your goals in life, whether you want to determine when you can retire comfortably, bring organisation to your financial world or pass on your wealth effectively.
Pensions and retirement planning
Deciding when to retire is a challenging decision and can feel like a leap of faith. At Saltus, we gather information on all of your existing assets and then use our technology and expertise to show you exactly how to achieve the retirement you’re after.
Reducing your tax burden
How to structure your wealth and access income should be approached in a sophisticated way. A detailed financial plan may use pensions, ISAs, general investment accounts, offshore bonds and other tax wrappers to ensure you can draw your money in a tax-efficient manner.
Consolidating your wealth
Holding multiple investment accounts and pensions can mean they’re hard to keep track of and administer. We’ll help you overcome this by consolidating your accounts into a single plan so that you can understand your financial position with ease.
Protecting you and your assets
We protect our cars and houses without much thought yet you might be the most valuable asset in your family. Whatever your situation, we can provide advice to ensure you have the right level of insurance in place to keep your finances protected.
Passing on your wealth
Estate planning is more important than just having a Will. We’ll work closely with you to understand how estate planning, which has emotional as well as financial consequences, can impact your overall financial plan.
Significant life events
Significant life events can present great opportunities but also considerable challenges. Whether you are going through a business sale, divorce or are receiving a lump sum, we’ll help build a financial plan to meet your changing lifestyle.