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Standard Life is a major UK pension and savings provider. It is now a trading name of Phoenix Life Limited, part of the Phoenix Group, and covers personal pensions, workplace pensions, SIPPs, and annuities. When a Standard Life pension holder dies, the fund value can be paid to a nominated beneficiary or eligible dependant, and does not normally require probate.
In most cases, no. Standard Life, not the executor, decides who receives the death benefit — it has discretion over the payment, guided by the member's expression of wishes. Because the fund is not the member's to leave by will, it does not form part of the estate, and Standard Life can pay the 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 before the funds are distributed.
For defined contribution pensions and SIPPs, the death benefit is the full fund value at the date of death. Standard Life typically offers beneficiaries the following options:
For older with-profits or endowment-based policies, the position may differ. Check the original policy documents or contact Standard Life directly.
Standard Life pension holders are asked to complete an expression of wishes form specifying who should receive the fund. Standard Life takes it into account but retains discretion, and it is that discretion that keeps the fund outside the estate. In practice a valid, current expression of wishes is almost always followed.
An expression of wishes that was never updated after a marriage, divorce or the birth of a child is the usual source of difficulty. If you are administering an estate, ask Standard Life what is on file rather than assuming the will settles it.
For the latest guidance, see GOV.UK's page on tax on a private pension you inherit.
Currently, Standard Life pension funds paid at the provider's discretion fall outside the estate and are not subject to inheritance tax. From 6 April 2027, most unused pension funds and death benefits are brought into the estate for inheritance tax. The existing exemptions for death benefits passing to a surviving spouse or civil partner, and to registered charities, are kept, and death in service benefits payable from a registered pension scheme are excluded. HMRC's policy paper of 26 November 2025 makes personal representatives liable for reporting and paying the tax; they can direct the scheme administrator to withhold 50% of the taxable benefits for up to 15 months and settle the tax before the balance is released.
Read our guide to pensions and inheritance tax from April 2027 and the inheritance tax guide for 2026/27.
Without a nomination, Standard Life exercises its discretion, typically paying the surviving spouse or civil partner. If no suitable beneficiary is found, the fund may be paid to the estate, making it subject to the probate and estate administration process.