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Your Will, your legacy: what should I do about my pension?

1 January 2021 | 1 minute watch

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Your Will, your legacy: what should I do about my pension?
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Your Will, your legacy: what should I do about my pension?

Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.

The first thing to consider is whether you thing it is likely that you will want to access your pension savings during your lifetime or not. If you will, then you'll want to understand what benefits you can take, when you can take them, and how they'll be taxed. If however you think that you won't want or need to use your pension during your retirement, then we can help you to understand firstly whether your pension arrangements allow you to leave the savings in there to pass on your death, and if they do how those savings will pass and to who. And then lastly we can help with understanding what you can do to make sure they pass as tax efficiently as possible.

The first thing to do is consider whether you are likely to want or need the money from your pension savings during your lifetime. If yes, you probably want to understand your options as to timing of withdrawals, and the nature of the benefits you will receive. If you will not need the money, you may want to plan the best way to leave as much as you can as tax efficiently as you can on your death, while taking into account your wider estate planning.

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Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.

The first thing to consider is whether you thing it is likely that you will want to access your pension savings during your lifetime or not. If you will, then you'll want to understand what benefits you can take, when you can take them, and how they'll be taxed. If however you think that you won't want or need to use your pension during your retirement, then we can help you to understand firstly whether your pension arrangements allow you to leave the savings in there to pass on your death, and if they do how those savings will pass and to who. And then lastly we can help with understanding what you can do to make sure they pass as tax efficiently as possible.

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

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