Legacy Planning from Pension Savings

Since the new pension freedoms were introduced from the 6th April 2015 the potential choices available to members of a defined contribution pension arrangement as to how any remaining value of a pension fund can be passed to beneficiaries has increased. This extra choice is subject to the availability within the scheme that holds the funds as not all schemes offer the full choice.

The use of a ‘nominee drawdown’ facility by beneficiaries in respect of any legacy they receive becomes an essential part of legacy planning and continued investment for beneficiaries.

Any existing pension plans should be reviewed to ensure the most appropriate arrangements are in place.