London Office: 020 3755 3235 | Ipswich Office: 01473 384 858 | Email: enquiries@swallow.financial

ARE PENSION TRUSTS DEAD?

 

With the recent changes made to pension death benefits, Will drafters may need to seek professional financial advice when considering a pensions trust for a client.

The different tax treatment of scheme pensions, death in service and lifetime annuities (not to mention uncrystallised pensions) means that in the wrong circumstances 45% tax will be paid when much lower taxes could have been available without a pension trust.

Through the use of flexible nomination forms and the new “nominee” system for non-occupational pensions, there is now scope for tax and inheritance planning which has never been available before.

If you would like to review your existing clients’ Will structures in light of the changes, please do get in touch.   Alternatively, should you prefer some general information on the taxation surrounding the death of a pension holder, our updated FAQ is available here.

News

The latest news from Swallow Financial Planning and the financial industry

October Investment Update October 27, 2023

Our predictions for 2023 seem to have been “bang on the money”. Our October Investment Update provides background into our current investment thought ...

How your Pension Expression of Wish can save money September 6, 2023

If you have a Personal Pension and you are in a committed relationship, it is common that you will nominate your partner to receive your pension after...

Investment Bulletin July 2023 July 7, 2023

It has been 6 months since our last investment review. With much unfolding in the interim, we wish to share our current investment sentiment with you....

Swallow Financial Advice Newsletter

The latest news from Swallow Financial Planning and the financial industry