Passing on your pension
One of the big changes in recent years to pension rules is the way that unspent pension savings can be passed down to your heirs. Carl Lamb looks at what the rules say
in your will. It is important that anyone you wish to inherit your unused pension benefits is specified using a pension benefits nomination form. It is the pension scheme administrator who is responsible for determining who should receive any benefits on your death, not your executors. While a nomination form is not binding on the administrator, it will give him or her the necessary guidance.
It’s worth noting that if benefits are taken as a drawdown pension, the beneficiary can then, in turn, pass them on again to his or her nominated beneficiaries on death if there is still unspent money in the pot. The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested. The tax treatment of investments depends on individual circumstances and is subject to change.
For independent advice, contact Almary Green on 01603 706740 or email email@example.com. Please remember that the guidance here is generic and we recommend that you get individual personalised advice. almarygreen.com
ABOVE:Make the most of your pension arrangements