55% death tax on inherited pension pots abolished - December 2014
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The rules regarding the 55% Death Tax on inherited pension pots are changing. The Chancellor has announced that the current 55% death tax on inherited pension pots will be abolished. If a pension saver dies before the age of 75, then his or her pension can now be passed to a spouse or partner tax free. This even applies if the pension has been utilised. People with a joint life or guaranteed term annuity can pass this on tax free also. This change will come into effect in April 2015. |