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Changes in Pension death benefits

The announcement from George Osborne which confirms that all Defined Contribution Pension Funds, regardless of whether they are in Drawdown or not, will pay no tax on death if death occurs before age 75. This is a huge reduction from the 55% tax charge that is in place for Drawdown at present. Further to that, if death occurs post 75, the tax charge will be at the Beneficiaries marginal rate. For further information please read the HMRC article which discusses this in more detail.