Your News
Pensions are constantly evolving and there may be changes that affect your membership, so it’s important to keep up to date with what’s happening.
Who will inherit your pension?
07 Jul 2025
Recent research by Aviva*, has revealed that almost 15% of UK adults don’t know who will get their pension benefits if they die before taking them. And a further 3% are worried they could go to their ex-partner, rather than the person they’re currently with.
Read on to find out who could benefit from your pension in the Magnox Scheme, and how to have your say on where the money goes when you die…
Who can benefit from my pension?
The benefits that can be paid when you die are set by the Scheme Rules.
As a general overview…
The death benefits payable may include:
- a tax-free cash lump sum
- a pension for a spouse, children or other dependant
Do I have a say in where the money goes?
Who gets your lump sum is at the discretion of the Trustee.
You can let them know who you think the lump sum should be paid to by making a nomination.
While the Trustee does not have to follow your nomination, it is an important piece of information that it will consider.
Making a nomination could also make the process quicker and may prevent delays in any lump sum being paid, which can have tax implications.
A nomination only applies to any cash lump sum that may be paid out. It does not apply to the pension(s) payable from the Scheme if you die. This is set out in the Scheme Rules, and is typically limited to a spouse, children or other dependant. Please check your member booklet for further details.
How to make/change a nomination
The quickest way is online. Simply log in to your myESPS account and follow a few short steps. It should only take a few minutes. If you haven't got a myESPS account, you can register now.
Alternatively, you can download and print a nomination form. Once complete, please return it to the Scheme administrator, Railpen, using the address on the form.
You can find out more about who you can nominate, and how, on the nominations pages below:
- Nominations page for Final Salary Section members
- Nomination page for Reformed SLC CARE Section members
Please remember to check and update your nominations regularly, as the person or people you want to benefit may change over time and it’s important the Trustee knows your wishes are up to date.
*https://www.aviva.com/newsroom/news-releases/2025/05/do-you-know-who-will-inherit-your-pension/