Death and Benefits?

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Death and Benefits?

Most people aren’t that comfortable talking about death, which is understandable.  However, we need to talk to you about it.

The changes in April, to pensions legislation, introduced amongst other things changes to the way benefits are taxed on death. The new legislation now allows individuals to nominate named beneficiaries, as opposed to financial dependants,  which can in some circumstances allow wealth to be passed on between the generations in a much more tax efficient way.

The first question most people ask us is who they have already nominated?

It’s a good question, but not one that is currently easily answered. Why?

Well the information provided was historically sent directly onto the product provider and it appears to not be easily retrievable.

At Principal & Prosper we’re recommending that our clients think about who they want as their beneficiaries and create a new instruction, that way it’s current and we’ll record the information.  

Each year, we’ll then review the nominations with you, to ensure it remains up to date and that way you’ll have the peace of mind that your wealth will be passed on as per your wishes.

What next?  Your adviser will discuss this with you at your next review meeting, or if you would like to take action immediately, give your adviser a call.

"The new legislation now allows individuals to nominate named beneficiaries…"

Stewart Siegel (Director)