Pensions death benefits and tax implications

Mike McAnulty, director at Central Investment discusses the tax implications for pension holders as the latest pension reforms abolish pension tax charges on death, effectively reducing a potential 55% tax charge

The March 2014 Budget saw the Chancellor announce a number of major pension changes, which will offer greater control over how you spend, save and invest your retirement pots from April 2015. In addition, the Autumn statement announced on 3 December 2014, confirmed the abolition of pension tax charges on death. This has now been approved by Royal Assent and puts pensions at the forefront of inheritance planning going forward.

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