Autumn Statement 2014: Chancellor George Osborne has confirmed that the government will scrap the 55% tax rate to which pension savings are subject on the death of a scheme member.
The plans, which were first announced in September 2014, will come into effect from April 2015.
Zoe Murphy, partner at law firm Sackers, said: “Having heard so much from Osborne on pensions over the last year, it is perhaps not surprising that there was very little left to say.
”In the Autumn Statement, the Chancellor confirmed the abolition of the 55% death tax on unused pension savings which had previously been announced in September. But in the statement, the tax-free treatment was also extended to payments made to a spouse under a joint-life annuity.”
Debbie Lovewell-Tuck is a business journalist with 20 years’ experience specialising in pay, reward and HR. She joined Employee Benefits as a reporter in 2003, before becoming editor in 2015. Debbie is also responsible for editorial content across Employee’ Benefits events, including Employee Benefits Live and the Employee Benefits Awards, as well as hosting Employee Benefits’ webinars.View full profile
