Post-death power over your pension
It would be difficult to have missed the dramatic changes to the pension landscape which have been brought in over the course of the last year. However, understanding how those changes will impact on you can be a far harder task and it is important that professional advice is obtained before any action is taken.
When considering succession and inheritance tax planning a review of pension arrangements and in particular the nomination of any death benefits is vital. Setting up a trust to receive pension death benefits has historically been a preferred route for many to ensure their family get the maximum benefit from their pension whilst protecting that value from unwanted tax consequences. Following the changes to pensions different options are now available and it is advisable that you review your death benefits nominations in light of those changes and make sure the nomination you have in place best suits your and your family’s needs and circumstances.