Emmersons Solicitors - Newcastle and Sunderland
Jaqueline Emmerson Newcastle Solitor
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Who Will Inherit Your Pension Pot?


Emmersons shortlisted for The Law Society Excellence Awards 2015

It is now essential that you nominate someone to inherit your pension upon your death. This no longer has to be a dependent child, cohabitee, civil partner or spouse. You could nominate an adult child. The good news is that by making a nomination with your pesion provider the pension falls outside of your estate. It is therefore available immediately for your nominated person upon your death. This can also be a useful tool for tax planning purposes. Whilst you are at it, this is a good time to generally review your pension provision.

We are regularly seeing clients in their late forties and early fifties who have a number of pensions sitting idle and possibly not with the best pension provider. I am suggesting to all clients now that they seek a review from a financial advisor. Some are able to give you an initial overview free of charge.
Contact us if you would like their details.

What Shall I do with My Pension?

We have had further in-house and external training from financial advisors as to the new pension regulations and how they are likely to affect our clients. It is clear that you need specialist advice, some of the ideas I have heard have been very creative and have saved people a fortune in tax. However, what struck me was the number of people who have been able to retire a few years earlier with the right planning. This required no further investment, simply the best way to utilise the opportunities now available following the change in Pension Regulations.

Should I Review My will?

Following the change in Pension Regulations you probably should. Especially those of you whose estates will be subject to Inheritance Tax. Did you make a will to include a trust before it was possible to transfer your £325,000 Inheritance allowance to your spouse? If so you may wish to unpick this now.

If any of the above issues strike a chord with you then please don’t hesitate to contact us at Emmersons Solicitors for a Free Review of Your Will.

Wills Solicitors - Newcastle:   0191 284 6989
Wills Solicitors - Sunderland: 0191 567 6667

Author: Jacqueline Emmerson

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