Before retirement

The death benefits under a Personal Pension and SIPP are relatively simple.

• If you die before taking benefits (purchasing an annuity or drawdown) the full value of the fund can be paid tax free to nominated beneficiaries.

After retirement

These will depend on the type of pension which you have taken.

• Annuities - Balance of any guarantee period or spouse's pension
• Drawdown - Balance of fund less 35% tax or continued drawdown or annuity for dependant's
• Alternatively Secured Pensions - see section on ASP