Passing on drawdown pension funds
Your clients will be able to pass their drawdown pension funds on to named beneficiaries to provide an income or lump sum, and in turn pass them to their named 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 under the age of 75 they can pass the funds on tax free as an income or lump sum.
You can also use Pension Portfolio to administer any funds your client may inherit themselves.