Pension flexibility

Posted by:John Costalas on Mar - 27 - 2015 - Filed under: Contractors -

HMRC has published its draft Finance Bill legislation on the proposal for payments of annuities to beneficiaries to be made tax-free on the death of an individual under 75, subject to certain conditions.  The draft clauses change the current provisions regarding who can receive payments from an annuity on the death of a member.  The changes permit anyone, including non-dependents, to receive these payments.  The facility for a beneficiary to take a tax-free annuity following the death of the member is going to be especially useful where the member had not taken out an annuity himself before death.

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