- Nearly half (47%) of over 55s have not yet appointed an executor
- Just 42% have shared key information about how to locate pensions
New research from Canada Life reveals nearly half (47%) of over 55s have not yet appointed an executor, exposing loved ones to additional uncertainty and stress at an already difficult time.
Amongst the over‑55s who have appointed an executor, many are still falling short on providing the key information executors will need to locate assets, value the estate, pay any debts or taxes due, and distribute to beneficiaries.
Just two fifths (42%) of over-55s have shared all the information needed with executors about how to locate their pensions, and 17% have shared some of their pension information, but not all of it. This will be an increasingly important part of estate planning once pensions fall into scope for inheritance tax (IHT) calculations in April 2027. After this date, executors will be responsible for tracking down each pension pot to assess for any IHT liability.
The pattern is similar across other financial products. Just over a quarter of over-55s (26%) have provided full information about how to locate their life insurance and protection policies, while under a third (30%) have shared all the details needed for their executor to locate their investments.
Even fewer (20%) of over-55s have supplied complete information on workplace benefits.
John Chew, Tax, Trusts and Estate Planning expert said: “Writing a clear, well-structured will and appointing a trusted executor are two crucial steps to protect your loved ones and ensure your estate is distributed according to your wishes.
"Providing your executors with as much information as possible about how to locate assets will ensure that your estate can be administered as efficiently as possible when the time comes. This will become even more important from April 2027 when pensions are set to fall into scope for inheritance tax calculations, and executors have the added responsibility of tracking down pension arrangements to assess for a liability.
"Preparation today will save your executor many hours of work at an already distressing time and reduce the risk of inaccuracies or unexpected inheritance tax bills."
John Chew shares four tips to prepare your executor
1. Write a will
John : “If you haven’t already drafted a will, this should be your first step as an up to date will is the foundation of any estate plan. It should clearly set out how your assets will be divided up amongst your selected beneficiaries, who will take over the care of any dependents, and who you want to act as executor. Without a will, your estate will be distributed according to the laws of intestacy, which may not be aligned with your wishes.”
2. Record your pension arrangements
John: “From April 2027, unused pensions will be brought into scope for inheritance tax (IHT) calculations, which means executors will need to track down pension arrangements and assess for an IHT liability. Prepare a simple record of your pension arrangements including workplace schemes and personal pensions, listing provider names, policy or account numbers and contact details.”
3. Keep a log of financial gifts
John: “Financial gifts can affect the inheritance tax position of your estate, so it is important to keep a proper record of any financial gifts made to loved ones. Note when each gift was made, how much, who it was given to and the reason for the gift. Clear documentation helps executors accurately report and assess any potential IHT implications and avoid disputes or confusion later on.”
4. Organise and signpost key documents
John: “Make it as easy as possible for your executor to find the information they need. Tell them where your will is stored, and how to access key documents. Consider keeping copies together in one secure location. Don’t forget that many financial policies are held via digital accounts, so include any information about how to access these too.”
ENDS
Notes to editors
- Research conducted among a nationally representative sample of 2000 UK adults between 4th-7th August 2026
Enquiries:
Press enquiries should be directed to:
Katie Ormrod, Canada Life, +44 7834 740227, katie.ormrod@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management Limited, registered in England and Wales with registration no. 3846821. Registered office: Level 37, 22 Bishopsgate, London EC2N 4BQ. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.
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