FT Adviser (13/09/2018) – Advisers have been urged to ensure their clients’ death benefits arrangements are up to date after a platform found one in four (28 per cent) of the death benefit forms received in 2016 and 2017 had posed problems.
According to Alan Chan, director and chartered financial planner at London-based IFS Wealth & Pensions, death benefits have always been “an important area of planning, and with the onset of pensions freedom it has become even more so to maximise tax-efficiency”.
He said: “Many individuals are unaware that pensions are not part of their estate and so even if they have a valid will, it does not cover their pensions upon their death.
“So without exception, for all new pension clients we take on, we ensure that they complete a new nominations form every time.
“For existing clients, we would just check with them at regular intervals to keep their nominated beneficiaries up to date.”
Full article link: https://www.ftadviser.com/pensions/2018/09/13/advisers-urged-to-check-on-death-benefits/
