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Old Mutual warns of UK pension transfer IHT trap

Old Mutual warns of UK pension transfer IHT trap

Savers suffering from ill health could see their pension pots subject to inheritance tax if they transfer to a scheme that gives them greater access to the UK's pension flexibilities, Old Mutual Wealth has warned. Following the changes to pension legislation in April this year, assets can be passed on within the pension wrapper and be subject to tax at the beneficiaries' marginal rate, or be completely free of tax if the policyholder dies under the age of 75. Please link to International Adviser to read the full article by Katherine Denham.

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