Passing on drawdown pension funds
Your clients will be able to nominate who they would like to receive their drawdown pension funds on their death. We will take those nominations into account when deciding who should receive death benefits. The chosen beneficiaries will then normally be able to choose whether they would like an income or a lump sum. If they leave any money within the pension on their death, that can be passed on to their beneficiaries and so on
For a client who dies aged 75 or over, the beneficiary will pay tax on any benefits taken from the funds at their marginal rate.
For a client who dies before age 75, benefits can normally be passed onto their beneficiary tax free.
You can also use Pension Portfolio to administer any funds your client may inherit themselves.