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Annuities could save IHT

Changes in pension legislation mean annuities could be the best way to pass wealth to beneficiaries says Canada Life.

From A-Day, pensioners will no longer be required to purchase an annuity at 75 if they opt for alternatively secured pension.

A tax-efficient way to pass on pension fund assets is by purchasing an annuity and gifting the income to a beneficiary through a trust. If this income is considered to be outside of what is required to maintain their standard of living, the gift will fall outside the estate and be exempt from IHT, says Canada Life. Annuity payments will be subject to income tax.

Canada Life technical manager Peter Carter says: “Many clients may still be better off purchasing an annuity if they want to pass on wealth.”


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Ken Rayner and Graham O¹Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio The Artemis US Select Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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