Make your wishes count: update your Expression of Wish
Your Expression of Wish tells the Trustee who you would like to receive your pension savings if you were to pass away. It only takes a few minutes to review and update on OneView – and it could make a real difference to the people who matter most to you.
If you need a refresher on why it's so important and how to complete it, you can watch our video.
Why this matters even more now: upcoming inheritance tax changes
You may have seen coverage of upcoming changes to inheritance tax (IHT) and pensions (announced in the Autumn 2024 Budget), due to take effect from April 2027.
We’re awaiting further guidance from the Government on these changes. We’ll provide further details towards the end of the year, including some resources to help you navigate the changes and plan ahead.
How things work today
At present, pensions and lump sums payable from a registered pension scheme after a member’s death are generally not counted as part of the member’s estate for IHT purposes. This means that unused pension savings can often be passed on to your beneficiaries outside of the IHT net – making pensions a tax-efficient way to pass on your assets. When the proposed changes are effective in April 2027, this will change.
What's changing from April 2027
From April 2027, unused pension savings will be added to the value of your other assets when calculating whether your estate is liable for IHT. This means that any DC pension savings (like your Individual Account in the Fund) will be added to the value of your other assets (like your house).
The Government has confirmed that there will be some exceptions. The main ones that are likely to be relevant are:
- Death-in-service benefits, e.g. the death-in-service lump sum payable from the Fund if you die while you’re a current employee
- Dependants' scheme pensions, e.g. the dependants’ pensions payable if you’re also a member of one of the DB sections of the Fund
Important note: These changes do not impact the existing IHT exemption for spouses and civil partners. So, the changes are likely to need more consideration from you if your Expression of Wish includes someone other than your spouse or civil partner (or you haven’t completed your Expression of Wish).
The IHT threshold is also being frozen
The £325,000 IHT threshold will remain frozen until April 2031. With rising asset values, this means more estates are likely to become liable for IHT over time – even without any change in the underlying rules.
What this means for you
These changes may affect how you think about your pension savings and estate planning, particularly if your total assets – including your pension – could exceed the IHT threshold. Making sure your Expression of Wish is up to date on OneView is a simple but important step you can take right now.
Inheritance tax is a complex area, and everyone's circumstances are different. The above is for general information only, and nothing in this newsletter should be taken to be tax or financial advice. You may want to speak to an FCA-regulated financial adviser to understand how these changes might affect you personally. You can find a regulated adviser near you on the MoneyHelper website.
Helpful links and contacts
Aptia
The easiest way to get in touch with the Administration team is by using the Contact Aptia Pensions portal.
Alternatively, you can contact Aptia by:
Telephone: 0330 100 3597
Post: MMC UK Pensions Arrangements, Aptia UK Limited, Maclaren House, Talbot Road, Stretford, Manchester, M32 0FP
When contacting the team, you should always quote your full name, date of birth and National Insurance number.
Gov.uk
This is the Government’s official website, where you can find information about everything related to tax, pensions and the State Pension.
Pages you might find useful are:
New State Pension – for people who reach their State Pension Age after 2016.
Find pension contact details – if you’re seeking to trace an occupational pension scheme but have lost the information.
A secure online portal where you can view your retirement savings in the Fund, review your investment options, and use the retirement illustrator to estimate your retirement income.
If you're currently employed by Marsh McLennan, log in with your usual single sign on details.
If you're a former employee, you can access OneView directly with your login details. If you’ve forgotten your credentials or need help logging in, simply follow the onscreen instructions.
The dedicated website for the Fund, featuring pension journey profiles and information about the Fund, including helpful guides on your investment options and retirement choices.
This service offers impartial help on all aspects of money, including benefits and savings. It is backed by the Government and free to use.
Prosper (for current employees only)
The benefits portal for Marsh McLennan employees, where you can change your pension contribution percentage during any of the monthly windows.
Disclaimer This content is for information purposes only. It does not constitute advice and you are responsible for obtaining such advice. The Trustee does not accept any liability or responsibility for any action taken as a result of solely reading it.
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