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These are significant changes which are beneficial to pension savers. You can now build up a pension fund in the knowledge that you can pass on money to your family without the punitive 55% tax charge.
However, it is vital that you review your nomination form highlighting who you would like to receive your death benefits and make sure it is kept up-to-date.
Unless specifically nominated, the beneficiary cannot gain all of the tax-free benefits that have come into place with these new legislations. These changes mean that it is essential that you make sure your nominations are up to date, to make the most of the new planning opportunities that the new rules present.
As the death benefit rules offer some really positive tax planning opportunities, it is strongly recommended that you contact us to ensure that you have a nomination of beneficiary form in place
How do I nominate my beneficiaries?
At Pension Practitioner we like to keep things simple and we make it easy to change your beneficiary easily, as your wishes can alter subject to your circumstances and the economic landscape. To ensure that your nominated beneficiaries are up to date and accurate, call us at Pension Practitioner to have a chat with an advisor, or get in touch with firstname.lastname@example.org