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Like now, any lump sum death benefit paid from uncrystallised rights on death before age 75 will continue to be tax free (as long as the lump sum falls within the deceased's available lifetime allowance).
Last, but not least, any lump sum death benefits paid from a personal pension are currently free of IHT, and on death before age 75 any lump sum paid from an uncrystallised personal pension would be wholly tax free as long as the amount paid falls within the deceased members available lifetime allowance.
What is the main difference between Flexi-Access drawdown (FAD) and Uncrystallised Fund Pension Lump Sum (UFPLS)?
The new rules allows one's pension fund, whether crystallised, or uncrystallised, to be passed to their beneficiaries with no further reduction to tax.
Flexi-access drawdown, openmarket option and the horrid uncrystallised funds pensions lump sum (UFPLS) are some of the terms most people don't understand.
FAD is a flexi access drawdown and an UFPLS is an uncrystallised funds pension lump sum.
This applies irrespective of whether the pension plan is in an uncrystallised or crystallised format, the latter meaning the portion of the fund from which someone is taking benefits.
However, if your remaining fund is either in drawdown or uncrystallised (you haven't taken from it), then you can.
From April 2015 (very timely start to the new rules considering a general election the following month and has been seen as a pitch to the "grey vote") individuals with a drawdown arrangement or with uncrystallised pension funds will be able to nominate a beneficiary to pass their pension to if they die.
A If your pension fund is uncrystallised and you haven't taken any benefits, it is unlikely that an income payment would be granted.
Taking a single or series of lump sums from uncrystallised funds will be known as uncrystallised funds pension lump sums (UFPLS).
I said I was considering taking all my pension and was given two options: Uncrystallised Pension Commencement Lump Sum (UPCLS) or transfer to Flexible Access Drawdown (FAD).
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