What happens to my SIPP when I die?
Any money left in your SIPP when you die can normally be passed to your heirs free of inheritance tax. Any withdrawals they then make will usually be tax free if you died before you were 75. If you die when 75 or older, any withdrawals will be taxed as their income.
HL SIPP clients, including those in drawdown, can nominate or change their beneficiaries by simply logging in to their account and choosing ‘Account Settings’. Your nomination will then be applied instantly.
Alternatively, if you would prefer, you can download and complete an 'Expression of Wish form'.
Please remember tax rules may change in the future.
Download our free factsheet on what happens to your pension when you die