As they say, there are two certainties in life, Death and Taxes. Hence it makes sense to understand exactly what happens to your pension when you pass away. In simple terms, your pension will be passed on to your beneficiaries. The only variable is that other certainty, Taxes.
Should you pass away before 75, the pension pot will move to your beneficiaries, and they will be able to access this free of tax. They can either draw on it, buy an annuity or encash it as a lump sum.
Should you pass away after the age of 75, then the pot still moves to your beneficiaries, however upon accessing the investments it will be taxable. If they draw on the pension as income, this will be taxed at their marginal rate. Encash it as a lump sum, it will be taxed at 45%. If an annuity is purchased, it will be taxed at the marginal rate of the beneficiary.