Andrew Tully shares his insight on changes to death benefits paid from pensions which kick in on 6 April
The headline change from 6 April 2024 is the abolition of the lifetime allowance. But there are also changes to death benefits paid from pensions. The position is broadly similar to what we had before, but there are a few important differences. Advisers may want to make sure clients are in suitable contracts and have the right paperwork completed to ensure the best outcome for their families. On death before age 75, assuming benefits are paid within two years of the notification of death, any lump sums paid are tax-free up to the value of the individual's remaining lump sum and death ...
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