Expressions of Wishes in pensions

The new option of a Nominees’ Drawdown Pension on death provides significantly increased flexibility, with the possibility of income payments to beneficiaries other than dependants, tax free on death before 75 and taxed at the recipient’s marginal rate on death after 75.
A review of existing expressions of wishes might make sense – if the aim is for income payments to be made to children, grandchildren etc under a Nominees’ Drawdown Fund, then they need to be nominated. An urgent review might be needed in some situations. Think carefully before drawing from a pension fund pre age 75 and adding the cash to your estate – it may become subject to IHT.