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Royal London is one of the UK's largest mutual life, pensions, and investment companies, offering personal pensions, workplace pensions, and self-invested personal pensions (SIPPs). When a Royal London pension member dies, their beneficiaries can claim the fund value. These funds fall outside the estate and generally do not require probate.
In most cases, no. Royal London pensions are set up as discretionary trusts, which means the fund falls outside the deceased's estate. Royal London can pay the fund value directly to the nominated beneficiary without a Grant of Probate.
If there is no nomination and Royal London cannot identify an appropriate beneficiary, they may pay the fund to the estate. In that case, probate may be required before the funds can be distributed to beneficiaries.
Royal London offers several types of pension, each with slightly different death benefit options:
The death benefit is the full fund value at the date of death. Royal London may offer beneficiaries the option to receive this as:
Which options are available depends on the specific policy terms. Royal London will explain the available options when you contact them.
Royal London also offers SIPPs. For a deceased SIPP holder, the same discretionary trust rules apply — the fund is paid to the nominated beneficiary outside the estate. See our guide to SIPP death benefits for more context.
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Royal London asks all pension holders to complete a nomination of beneficiary form (expression of wishes). This tells Royal London who the member would like to receive the fund. Royal London's trustees will consider this nomination when deciding who to pay, but they retain discretion — they are not legally bound to follow it.
This discretionary structure is essential — it is what keeps the fund outside the estate for IHT purposes. In practice, Royal London almost always follows a valid, current nomination.
Members should update their nomination after any significant life event. Royal London makes this easy — it can be done by phone, post, or through a financial adviser.
Royal London will advise on the tax position at the point of payment. For the latest rules, see GOV.UK's guidance on tax on pension death benefits.
Currently, Royal London pension funds fall outside the estate and are not liable to inheritance tax. From 6 April 2027, unspent pension funds — including Royal London pensions and SIPPs — will be brought within the scope of IHT. This is a fundamental change to pension taxation.
Read our detailed guide to pensions and inheritance tax from April 2027 and review the current inheritance tax rules for 2026/27.
If no nomination of beneficiary is on file, Royal London will use their discretion to identify the most suitable beneficiary. They will typically consider whether there is a surviving spouse, civil partner, or financially dependent person. If no suitable beneficiary is found, the fund may be paid to the estate and become subject to probate and estate administration.
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