![]() ![]() If you bought an annuity which provides for a dependant or nominee, they'll receive their own income payments from it if they are still alive after you have died. If you chose an annuity that has a guaranteed period, the income payments from it will be paid until the end of that period, even if you die before then. The nominated beneficiary may be able to pass on any unused drawdown funds on their death to their own nominated beneficiary, known as a successor. They may also be able to continue with flexi-access drawdown. On your death, your beneficiary can choose to take the remaining value as a lump sum or use it to buy an annuity. If you’ve pension savings left in flexi-access drawdown Tax treatment depends on individual circumstances and may be subject to change. There will normally be no inheritance tax to pay. If you die after age 75, these benefits will be subject to income tax. If you die before age 75, any benefits paid to a beneficiary will normally be tax-free. There is more detail on how you nominate a beneficiary below.Ī nominee can be any other person, even if they are not your dependant and can also be a charity. It could cover a child under the age of 23. Ī dependant is someone who is financially dependent on you such as your spouse, civil partner or long-term unmarried partner. ![]() The beneficiary could be a dependant or a nominee. If you die before you've taken everything from your pension pot, its value will normally be paid to your beneficiaries. If you’ve haven’t taken all your pension savings yet ![]()
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