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Glossary · General

Beneficiary

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Definition: Someone who inherits from a will, receives the proceeds of a life insurance policy or pension, or benefits from a trust.

Beneficiaries are named on pension expression-of-wish forms, life policies, ISAs (under the additional permitted subscription rules) and in wills. Updating these after life changes (marriage, divorce, bereavement) is important — pension nominations override the will.

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