From a pensions point of view the biggest news from the Budget was undoubtedly the fact that from 6 April 2027, pensions will fall into the deceased’s estate and therefore be liable for inheritance tax.
When the first set of draft legislation on removing the lifetime allowance came out in July, it was the accompanying policy statement that caused the biggest stir rather than the legislation itself.
An ombudsman has ruled in favour of a widow who complained about a pensions firm, ordering it to pay nearly £80,000 in lump sum death benefits.
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