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  • Tax

    Pension Power and IHT

    I thought I would share some facts about using your pension to avoid IHT

    Death before age 75

    Your Pension fund is paid to any beneficiary  you want and that's even if you are taking a pension

    The beneficiary can take a cash lump sum or a pension and they do not have to be 55

    The funds can stay in the pension fund and grow if they wish

    Death after 75

    The beneficiary can take can still take money form the pension fund but they will pay There Tax rate on the income

    The important thing here Is pensions are written in trust so they avoid IHT on death

    Ie a 500k pension fund can pass to anyone you wish to pay it

    before 75 totally tax free to the Beneficiary after 75 on death they only pay there own rate of tax

    So you could leave you Grandchildren a fund of money and they can take an income or a lump sum  and only pay there rate of tax on the withdraws

    and Then they can pass the fund onto who they wish when they die

    Pensions have great advantages for IHT planning

    So you can have your cake and eat it

    Just fag packet stuff not a recommendation but its working for me

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Yes new pension freedoms are great. Unfortunately it doesn't work like that for my NHS pension and I'm not allowed to transfer.

    In your example you could purchase a property in the pension and only draw the income.

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    Yes your quite right

    NHS penision is  a totally different ball of wax it’s one of the best gold plated

    yes linvestor can use pension to purchase commercial property

    its a specialist area

    but you could I think use the NHS pension to put more in and it’s still tax dectable I am out of touch now with company plans now but check into it still a great deal for you

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.