Return to What is paid on my death? I have a Retirement Annuity
Is the policy under Trust?
 
Yes No
If you were to die before you take your savings, we will pay out the full fund value as at the date of death. The death benefits will be paid out in accordance with the Trust. This payment will fall outside of your estate and will not be subject to inheritance tax. If you were to die before you take your savings, we will pay out the full fund value as at the date of death. The death benefits will form part of your estate and may be subject to inheritance tax.
 
If your policy continues beyond your 75th birthday, any death benefits become subject to tax known as a special lump sum death benefits charge. If a lump sum is paid to your estate or your trustees it will be taxed at 45%