PIMFA
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When it comes to pensions, reaching age 75 is an important milestone and for many this is a vital time for financial advice. It is therefore important to plan for this event in advance. This is due to the changes in tax relief and the taxation of death benefits after age 75 as well as the potential lifetime allowance tax charge which could apply at age 75.
This presentation discusses how tax relief on pensions changes at age 75 as well as the potential advantages and disadvantages of retaining uncrystallised benefits after age 75. We also talk about the benefit crystallisation events which occur at age 75 and use examples to bring these to life.
We’ll also talk about trusts set up to receive death benefits and whether reaching age 75 affects the reasons for setting these up.
Pensions flexibility brought in many changes and one of the biggest was the change to the taxation of death benefits so we talk about how reaching age 75 impacts death benefits.
At the end of this session you will have an understanding of:
• How tax relief on pensions changes at 75
• How the main BCEs work at age 75
• If you should take uncrystallised benefits before age 75
• How death benefits differ before and after age 75
• If trusts set up to receive death benefits are still relevant after age 75
