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Last, but not least, any lump sum death benefits paid from a personal pension are currently free of IHT, and on death before age 75 any lump sum paid from an uncrystallised personal pension would be wholly tax free as long as the amount paid falls within the deceased members available lifetime allowance.
GIP also offers a choice of pay-out options on death, where the nominee can choose to receive either a lump sum death benefit or income for 10 years post death
The industry still awaits further detail in respect of the tax charge applied to lump sum death benefits from crystallised funds.
However, one highly innovative concept that has been added to the portfolio of term products helps address income replacement needs and provides an alternative to lump sum death benefit payments.
This is, of course, what is wanted, since the small mortality cross-subsidy for annuitizing in the early years makes retaining a lump sum death benefit the desired option for most pensioners.
Review the lump sum death benefits from your pension or insurance policies and consider writing policies under trust.
There are other aspects of this which may also need to be considered, for example future increases, lump sum death benefits and so on, which may require some negotiation by both parties.
With property prices as they are and many company pension schemes including a lump sum death benefit, this can often be exceeded.