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Aegon is a major pension and investment provider in the UK, offering workplace pensions, personal pensions, and SIPPs. When an Aegon pension holder dies, the fund value can be paid to a nominated beneficiary or eligible dependant. These funds fall outside the estate and do not normally require probate.
In most cases, no. Aegon pension funds are held in a discretionary trust, meaning they fall outside the deceased's estate. Aegon can pay the death benefit directly to the nominated beneficiary without a Grant of Probate.
If there is no nomination and no suitable beneficiary, the fund may be paid to the estate. In that case, you may need to apply for probate.
For defined contribution pensions and SIPPs, the death benefit is the full fund value at the date of death. Aegon typically offers beneficiaries these options:
Aegon also administers employer group pension schemes where death-in-service benefits may be provided separately. Check the employer's HR documents for details.
Aegon pension holders should complete an expression of wishes (nomination of beneficiary). The trustees consider this carefully but retain discretion — maintaining the discretionary trust structure that keeps funds outside the estate. In practice, Aegon almost always follows a valid, current expression of wishes.
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Members can update their expression of wishes through the Aegon Retiready online portal or by contacting Aegon directly. This should be done after any significant life event.
See GOV.UK for the latest guidance on tax on pension death benefits.
Currently, Aegon pension funds fall outside the estate and are not subject to inheritance tax. From 6 April 2027, proposed changes will bring unspent pension funds within the scope of IHT.
Read our full guide to pensions and inheritance tax from April 2027.
Without a nomination, Aegon trustees will use their discretion, typically paying to the surviving spouse or civil partner. If no suitable beneficiary is found, the fund may be paid to the estate, which becomes subject to probate and estate administration.
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