You can listen back to the first in our three-part webinar series as our pensions specialists discussed changes to pension taxation and death benefits as well as introducing the concept of pension phantom crystallisations.
Webinar details
Pensions are a tax-efficient way to save. An individual receives tax relief on the money paid in, tax-free growth during the period that they hold a pension, and the ability to access money tax-efficiently in retirement (a combination of tax-free cash and taxable income). There is no limit on how much can be built up within pensions, however, taxes may be applied upon drawdown.
Pension funds have, for some time, been used as a tax-efficient way to pass wealth to future generations as they, in almost all instances, sit outside of an individual's estate. Pensions are therefore not part of Inheritance Tax (IHT) calculations and are not subject to the punitive 40% IHT rate.
Your pension fund should be a key part of your wealth planning, either for retirement income or generational wealth. Therefore, it is important to be aware of the reliefs available to you, and how you can make use of these both now, and in retirement.
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