Review Your Pension Death Benefits Immediately

**Pensions Now Included in Estate for Inheritance Taxes in UK w.e.f.  06/04/2027**

See: Budget 24 Pensions & IHT

So be careful when leaving pensions to anyone other than your spouse/civil partner e.g.  children.

Review Your Pension Death Benefits Immediately.

Since the start of the new pension flexibility rules earlier this month we have been contacted by a number of new clients exploring their retirement options.

On a couple of occasions we have identified problems with some older style pensions where the death benefits are not as attractive as the new rules for death benefits for pensions.

In some cases the pension scheme rules have suggested that in the event of death the pension fund would be left to the deceased's beneficiaries e.g.  spouse, partner or children but in the form of an annuity.  In simple terms, the pension scheme rules would force the beneficiaries to buy an annuity on death of the pension scheme member/policyholder.

You should not simply assume that your pension scheme will adopt all of the new flexible rules.  As we say to all clients: "HMRC rules as set by UK tax law mainly in that flexible pension drawdown is available and that death benefits can be paid to whether she.  However, just because the law allows this it does not mean that your pension scheme has changed its rules to encompass any new pension laws."

Many pension companies appear to not be changing scheme rules for old, legacy pension schemes as it may just be too expensive to update their systems.  If this is the case then you need to urgently review your pensions to ensure that it still does what you wish it to do not just in retirement but also in the event of premature death.

You have the choice here: "keep on doing what you have always done and you will getting what you have always got" or take action today as a matter of urgency as your pension fund may benefit from a review meaning that you could secure not just enhance retirement options and death benefits but you may also even achieve lower management charges and greater fund choice and even online access to your pension with perhaps your older style pension may not be accessible in this way.

Please contact us today to review your pension scheme with regard to fund performance, charges, at retirement flexibility and death benefits.