Monday and the Chancellor, George Osborne threw another curve ball at us about pensions.
Following his shock announcement earlier this year, removing restrictions on the ability to withdraw funds, we were surprised with his announcement on death benefits.
Where someone dies before they start to take benefits from their pension, lump sum death benefits have normally been tax-free. However, where the individual died after benefits had been taken, lump sum death benefits have been taxed at 55%. This will change going forward.Last modified on